Annualised inflation wipes out increase in minimum wage - Louise O'Reilly TD
Speaking following the Central Statistics Office release for the Consumer Price Index, Sinn Féin spokesperson on Workers’ Rights, Louise O’Reilly TD, said annualised inflation has effectively wiped out the increase in the minimum wage announced two days ago.
Teachta O’Reilly said:
“Yesterday the Central Statistics Office (CSO) released Consumer Price Index (CPI) figures for annualised inflation this year.
“CPI measures the overall change in the prices of goods and services that people typically buy over time. It does this by collecting over 50,000 prices every month and comparing these to the corresponding prices from the previous month.
“The data shows that annualised inflation up to September 2022 was 3.7%.
“This is a significant increase which means the prices people pay for goods and services has risen significantly.
“By comparison, the increase in the minimum wage announced on Tuesday was from €10.20 to €10.50, an increase of 2.9%.
“Therefore, the increase in the minimum wage has not kept pace with inflation, with a deficit of 0.8%.
“The only way to overcome the hardship this situation represents for workers is the introduction of a living wage to ensure workers can meet their needs and afford an acceptable standard of living.”