Speaking this afternoon Sinn Fein spokesperson on enterprise, trade, and employment, Louise O’Reilly TD, has called for lower prices to be passed onto consumers amid Central Statistics Office and European Central Bank data that shows corporate profits are rising while workers real wages are falling.

Teachta O’Reilly said:

“Over the past year the government has cautioned against wage increases fuelling inflation.

“This mantra has been repeated ad nauseam by policymakers and Government ministers.

“Sinn Féin warned that the solutions pursued and promoted to tackle inflation, such as wage restraint and reductions, come at a cost and are most damaging to workers and those in debt. 

“Against the backdrop of these debates the European Central Bank (ECB) highlighted that corporate profiteering contributed twice as much to price rises as wage increases.

“In addition, data from the Central Statistics Office (CSO) has outlined how corporate profits are rising while workers real wages are falling.

“Real wages were estimated to have decreased by 3.3 per cent, representing one of the biggest erosions in living standards since the financial crisis.

“It should be reinforced that solutions to inflation should not drive down living standards or demand.

“In the face of this corporate profit-price spiral it is essential that lower prices are passed on to consumers.”