The Director General of the Central Statistics Office has sole responsibility for, and is independent in, deciding the statistical methodology and professional standards to be used in compiling the Consumer Price Index (CPI). The CPI is designed to measure the change in the average level of the prices paid by consumers for goods and services. It measures in index form the monthly changes in the cost of purchasing a representative basket of consumer goods and services.
Some of the high profile job losses recently seem to be due to the fortunes of individual companies rather than national competitiveness. However, we will of course remain vigilant and are committed to maintaining our competitiveness.
Employment growth has been extremely strong in recent years, and over 2 million people are now employed in Ireland. Unemployment has remained consistently low at below 4.5 per cent — essentially full employment. While the numbers employed in industries fell during the first half of 2006, employment in this sector increased significantly during the second half of the year. In this context, it is expected that jobs in this sector will be created to replace those that have been lost. Maintaining a moderate rate of inflation remains a key priority of economic policy because of its importance in restoring competitiveness.