Friday 20 January 2017

Ireland's inflation rate stubbornly refuses to do what it's supposed to

Published 27/02/2014 | 02:30

THE other day, a lady of my acquaintance was trying to buy casual children's clothes with a €15 gift voucher at one of the very well-known chain stores (okay, it was Dunnes). Problem was, she could not find anything expensive enough to use up €15 without getting more T-shirts than was sensible.

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No doubt other stores could offer something similar. It is the extraordinary cheapness of most manufactured goods which is remarkable.

It certainly seems remarkable to me. Peacetime inflation was invented just as I started employment – and a household – in the 1970s. At one point, prices were rising by more than 20pc a year. That is enough to effectively wipe out the value of savings or salary in five years.

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