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13 cards from this deck
Sustained increase in average price level of goods/services
Amount of goods/services money can buy
Measures changes in cost of typical basket of goods/services
Central Statistics Office (CSO)
((New cost - Original cost) / Original cost) × 100
When inflation rate falls below 0% (prices fall)
When consumer demand exceeds supply
When production costs increase, forcing prices up
Reduces it - people can buy fewer goods with same income
Fixed income earners (pensions, fixed wages)
Reduces it - Irish firms struggle vs foreign competitors
Irish products become more expensive in foreign markets
Around 2%
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