Inflation is running at around 8% in the eurozone and with historic pay agreements based on the Central Bank target rate of 2%, household income is being squeezed.

Irish trade unions have called explicitly for the restoration of real income, which would imply across-the-board wage increases additional to whatever is carried over from earlier settlements. The extra inflation in Ireland is close to the eurozone average so the pay increase for Ireland would be somewhere around the 6% level.