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Prices for consumers are ‘still too high’, says Minister for Finance

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Reductions in prices are not yet being passed on to consumers as inflation falls, Minister for Finance Michael McGrath has said, calling for prices to be cut to relieve pressure on businesses and households

rose 6.1 per cent between June 2022 and June 2023, according to data released on Thursday, driven by increases in housing, water, electricity, gas and other fuels, and higher prices in recreation and culture.

At the Eurogroup meeting, the finance ministers agreed that there should be a “determined” tightening of spending policy to keep national balance sheets healthy and avoid contributing to further inflation. The European Commissioner for the economy, Paolo Gentiloni, said member states were “strongly” recommended to end subsidies that had been put in place to help consumers with high energy costs.

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