Hidden Inflation
When decimal currency and the euro were in turn introduced, many people in Ireland believed that prices had been improperly raised by traders taking advantage of the confusion, exchange rates notwithstanding.
In the case of the euro the government took special measures to try to prevent any unnecessary price changes, which ultimately proved ineffective. The changeover coincided with an economic boom in the country, and inflation was moderately high. People were eager to blame price rises on merchants taking advantage of changeover confusion.
Most retailers, especially the larger chains, continued to show prices in Irish pounds under the euro price for up to 5 years after the changeover, enabling people to see the price in old currency and check whether prices had been improperly inflated.
Read more about this topic: Irish Pound
Famous quotes containing the word hidden:
“He will deliver you from six troubles; in seven no harm shall touch you. In famine he will redeem you from death, and in war from the power of the sword. You shall be hidden from the scourge of the tongue, and shall not fear destruction when it comes. At destruction and famine you shall laugh, and shall not fear the wild animals of the earth. For you shall be in league with the stones of the field, and the wild animals shall be at peace with you.”
—Bible: Hebrew, Job 5:19-23.