Sadly, it was almost a cause of celebration this week when the latest figures showed inflation in the Republic running at a rate of 5.5 per cent, up from 5.2 per cent a month earlier. Not that people were euphoric about our predicament. It was the more vicarious thrill of seeing the rate for the euro zone leaping from 1.9 per cent to 2.4 per cent. After some of the lectures from key figures in Europe on the need for us to get our act together, it was nice to see they will have some things to keep them occupied closer to home.

Of course, the EMU rate was, in itself, a mixed blessing. The scale of the increase makes it more certain that a rise in interest rates - and possibly more than one - can be expected sooner rather than later. That would have a knock-on effect on mortgage rates here and, subsequently on the consumer price index.

Of course, on the plus side, higher interest rates might put a brake on the rate of borrowing which is stoking the credit bubble that has everyone so worried.