Unions have expressed concern at the effect of rising prices on the social partnership process.
Unions and the other social partners met this morning for a plenary session in Dublin Castle. Outside the meeting Ictu general secretary David Begg warned on the impact of inflation on the latest partnership agreement Towards 2016.
"I think we will be under quite a lot of pressure to get some amelioration of that condition for people however we achieve it," Mr Begg said.
He noted the announcement by Ibec during the week that food prices would be likely to rise by 10 to 20 per cent on the basis that businesses have no choice but to pass this on.
"Ordinary people will say, 'well hold on a minute, if they have no choice but to pass it on, why should you have a level on wages and not on prices'."
Mr Begg warned last month that if the cost of living continued to rise, Towards 2016would have to be renegotiated in the autumn.
The deal, hammered out last year, provides for annual pay increases of 4.6 per cent over its lifetime, which is only marginally ahead of last year's inflation rate of 4 per cent, compared to 2.5 per cent in 2005.
Speaking today, Siptu's Jack O'Connor said: "We have to see how the situation unfolds in relation to inflation, but one thing is clear, workers cannot be expected to carry the entire burden."
Turlough O'Sullivan of Ibec said the "glass is more than half full" in relation to the economy.
"But at the same time I think it is important that we're aware that there are storm clouds out there. We still are over-reliant on consumer spending. The performance of construction has begun to dominate the economy, and both of those are fickle."