Well, those union leaders are far from impressed and are demanding the same again now, with whatever it takes later to keep up with this much faster inflation. The opposition has demanded the recall of the Dail and so on. It was always going to be a rough ride.
New products can command better prices than old ones in world markets.
On top of this, because productivity is bound to be growing far more slowly in the more staid domestic market sectors, prices there will rise still faster. But on top of this Ireland is the euro's prize diverger. Then the euro fell in order to stimulate poor continental competitiveness. This meant still higher prices in punts for its already popular Irish traded products and a further demand stimulus. As we could have told them from two decades of experience pre-Thatcher, incomes policy cannot hold up against market forces.