Belfast Telegraph

Wilting euro a real pain for shops

By David Elliott

Inflation is becoming a bit of a pain. Despite the slightly looser payment policies of bosses up and down the land (at least, that's what I've heard), price rises have gone and eradicated any advantage we might have enjoyed.

According to the GMB union, average GDP in Northern Ireland climbed by 5.8% between 2008 and 2013 but that was more than wiped out by an increase in inflation of over 17% during that period.

That has meant the real value of our earnings has fallen by 12% over those five years.

A shocking enough statistic on its own but one which is made harder to swallow for us in Northern Ireland who are operating beside an economy where real earnings have barely been impacted in the last five years.

If only we could reinstigate a bit of strengthening of the euro and draw all those southern shoppers north again then we could make hay from our neighbouring status.

A tall order perhaps...

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