ISME, the Irish SME Association at the release of the CSO inflation figures today (9th November) remains concerned at the increase in Government-influenced costs. The Association calls on Government to intervene to reduce these costs, which are impacting on the cost of living.
Prices on average, as measured by the CPI, were 0.6% higher in October compared with October 2016. Government controlled cost continue to rise with Housing (+3.1%), Health (+0.9%), Education (+1.8%) and Transport (+0.6%). While motor insurance fell, home and health insurance costs rose by (+2.6%) and & (7.6%) respectively.
The Association called on the Government to:
Reduce insurance, bank interest, property, and legal costs.
Ensure that all state-influenced business costs are benchmarked internationally.
Ensure that SMEs are not hampered by labour, tax or regulatory increases.
Reduce public sector costs.
Outsource more state sector services to SMEs.
Commenting on today’s figures ISME CEO Neil McDonnell said “Today’s figures demonstrate that increases in housing, education, transport, and health are impacting on the living standards of workers.
"There is an expectation out there that it is up to employers to meet employee demands with rising costs. This cannot be done when markets will not bear higher costs for goods and services. Government must reduce state-influenced costs and put real money pack into people’s pockets. We do welcome the reduction in motor insurance in today’s figures, which come from an exorbitantly high base.”