he latest Consumer Price Index figures, showing that inflation is again up to 5%, mark the latest in a growing list of bad news stories on the economy. Coming on top of Exchequer Figures that are already seriously out of kilter, and live register numbers again at almost 200,000, this is grim news for Irish consumers.

The current economic problems have been allowed to develop under Brian Cowen as Minister for Finance and dealing with them will now represent probably the biggest challenge he will face as Taoiseach.

Against the background of the continuing high price of a barrel of crude oil and rise in international commodity prices, it is difficult to see any relief in store for consumers. The continuing upward drift of food prices is of particular concern, because of the difficulties it creates for low income families.

A particularly objectionable example of the continuing exploitation of consumers is the way in which in way in which savings arising from the increase in the value of the Euro against Sterling are not being passed on to shoppers. Recent surveys have shown that some retailers, particularly U.K. based ones, are actually marking up their prices by as much as 100%. Why is no action being taken to deal with this exploitation?

The government appears to have no new ideas for curbing inflation and stopping the exploitation of consumers. Under the provisions of Towards 2016 there was an anti-inflation group established, made up of the government and the social partners, but it does not appear to have come up with any new initiatives.

The government’s one ‘big idea’ – the abolition of the Groceries Order – has failed to deliver the results promised and the National Consumers Agency has yet to show that it has any real teeth.

Against the background of these figures, we need far stronger measures to protect consumers from exploitation.