Sinn Féin Finance spokesperson Pearse Doherty TD has called on the Government to get a grip on the cost of living crisis facing households as a Central Bank report warned that wages and social welfare payments would fail to keep pace with rising prices.

Speaking today, Teachta Doherty said:

“The Government are failing to get a grip with the cost of living crisis that is hurting households.

“Not only are they failing to respond, they are contributing to the crisis, with rising rents and high childcare costs a direct result of Government policy failures.

“Today’s report by the Central Bank has found that prices will have risen faster than wages in 2021 and 2022, reducing household living standards.

“These price rises are expected to persist for some time.

“Increases to core social welfare payments in the Budget failed to keep pace with inflation, meaning those who rely on social welfare to protect their incomes will be worse off.

“Higher prices in rents, gas and electricity bills, home heating oil, petrol and diesel face low and middle-income households.

“Yet the Taoiseach’s biggest worry is that workers’ wages will rise.

“This Government need to get a grip on reality and the financial pressure workers and families are currently under.

“Rents should be reduced and frozen, social welfare rates must be increased to at least match price increases, and a comprehensive strategy must be brought forward to respond to the energy crisis.”