Budgetary watchdog claims Government’s expansionary budget plans are adding to pricing pressures in domestic economy
Ifac chairman Seamus Coffey warns of domestic pricing pressures in areas such as rents and medical services as well as hospitality, cafes and restaurants
“We can see continued pressure on areas such as rents, medical services costs, and prices in hospitality, cafes and restaurants,” he will tell the committee in an opening address seen by The Irish Times. He cites Central Bank research, which suggests that repeated breaches of the rule, which seeks to keep annual spending increases inside a 5 per cent ceiling, has probably added €1,000 to the average annual household bill.
It said it had expected a budget increase of about 6 per cent in 2024 this time last year but now expects the increase to be closer to 9 per cent.
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