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Largest annual Consumer Price Index increase in two decades underlines need for real supports for workers and families - Pearse Doherty TD

12 May, 2022 - by Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has said that CSO figures published today, which show the largest annual Consumer Price Index increase since November 2000, reinforce the need for the government to introduce targeted measures that support low and middle-income households.

Speaking today, the Donegal TD said:

“Figures produced by the CSO today show that the Consumer Price Index rose by 7% in the year to April 2022. That is up from an annual increase of 6.7% in the year to March 2022.

“These figures reflect the largest annual increase in the CPI in over two decades since November 2000.

“We are continuing to see alarming increases in transport of +18.9% and in housing, water, electricity, gas and other fuels of +17.1%.

“I am therefore once again urging the government to introduce urgent measures that support workers and families.

“The government must be proactive and help to relieve some of the ever-worsening financial pressures on workers and families, and set out a roadmap for the State to navigate through this cost of living crisis.

“Inflation this year is expected to further increase – with energy prices already having risen by 45 percent.

“Recent reports by the ESRI and Central Bank show there is further scope for the government to introduce measures to support households.

“Sinn Féin has proposed targeted and sensible measures that would provide real relief for households.

“By removing excise duty from home heating oil and negotiating with the European Commission to reduce VAT on domestic energy bills.

“By introducing cost of living cash payments, extending the fuel allowance season by six weeks and increasing social welfare rates for the most vulnerable in response to inflation.

“And by reducing childcare costs and supporting renters through a refundable tax credit equivalent to one month’s rent and a ban on rent increases.

“Without taking action, the government is allowing a reduction in the living standards of lower and middle-income households.

“The government can and must do more.”

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