Consumer Minister welcomes reduction in inflation in run up to euro

Kitt urges consumers to remain vigilant

Tom Kitt TD, Minister for Labour, Trade and Consumer Affairs today (Friday 14^th December, 2001) welcomed the reduction in inflation in the run up to the euro.

"I am very pleased that the latest CPI figures show that the rate of annual inflation has fallen to 3.8%, down from 4.3% last month. With 17 days to go to the introduction of the euro. I would urge consumers to continue to be vigilant in monitoring prices. Ireland is the only country in the euro zone where prices denominated in euro will look higher than in the national currency. This means that people will be particularly alert to any possibility of price hikes. I believe that the vast majority of traders want to behave fairly and honestly in the changeover to the euro. Consumer vigilance is the best protection against any possible unjustified price rises", the Minister said.