As the political dithering continues over the formation of the next government, a new report on escalating costs in a myriad of sectors should stand as a sobering jolt from the real economy.

The news from the National Competitiveness Council is not good. Rising and continuously high costs threaten to undermine progress made since the darkest days of the crisis. Not only that, but acute property market strains recall dangerous precrash pressures.

This comes in advance of the Brexit referendum in June, which could further weaken sterling and inflict yet more pain on the crucial export sector.

All of this is pretty stark, and illustrates the next administration will have a titanic task on its hands to curb cost excesses and further overheating. Such is the fundamental challenge facing a new government.

Still, there has been little enough in political debate to acknowledge the extent of economic strain after a big uplift in growth. We have been here before, of course, but not with a minority government in command.

Many sectors are singled out by the competitiveness council, which remains concerned about price of credit and business services more generally

“In relation to legal costs, throughout the recession, and relative to professions such as accountancy, prices for legal services did not adjust downwards to the degree that might have been expected given economic circumstances.”

Although legal prices “dipped briefly” in 2013, the council finds they increased by more than 5 per cent in 2015. In the fourth quarter of 2015, legal service prices were 5.8 per cent higher than 2010 levels.

“According to the World Bank, in international terms Ireland remains an expensive location in which to enforce a business contract, and is the eighth most expensive in the OECD.”

Then there are insurance prices, up almost 30 per cent since 2011.

“Motor insurance prices have increased by 33.5 per cent over the same period and by 26.4 per cent in the last 12 months. These increases are well in excess of EU trends.”