The answer is yes, but perhaps they could have grown faster with low inflation.1 After all, the variability of inflation increases with its level, as does the dispersion of prices from their fundamental value in the economy.
*  *  *  I can think of few themes that are more topical for the Central Bank, not only in Ireland, but in many other countries as well. Household financial distress is at unprecedented levels in Ireland as can be seen, for example, from the extraordinary rates of arrears on the servicing even of mortgages secured on owner-occupied homes.