Inflation could average at close to 7% for the year and could hit a peak of 8.5% during the summer according to the ESRI.

Many trade unions are saying that this inflation is resulting in the reduction of living standards for many workers in Ireland.

Neil McDonnell, chief executive of ISME and Kevin Callinan, general secretary of FORSA and president of Irish Congress of Trade Unions joined the Last Word to discuss.

Catch the full chat by pressing the Play button on this page.