Those were innocent days back in 1979. It was then that the Pope told the Young People of Ireland he loved them; that a bank manager wrote to the then Taoiseach congratulating him on becoming leader of "this great little nation" (even though the Taoiseach in question was £1.1 million in debt to the bank), and that a travel writer penned these words: "In a world of rising tourist prices, Ireland remains a true playground for the budget traveller."

Ah yes! That was a time when the best-selling Ireland on $15 a Day could recommend "personable, family-run guesthouses" for only £4 a night, four-course dinners at Dublin's best restaurants for just £7 or, better still, a "bargain plate" of sausages and baked potato at the Shelbourne Bar for a mere 65p.

The prices carried an "inflation alert" in light of the then oil crisis. Yet author Beth Bryant noted that, as prices elsewhere were rising, in Ireland "you'll still have the best value possible for your travel dollar".

Today travel writers are less enthusiastic. The Rough Guide to Ireland writes: "The Republic is not a cheap place to travel." Lonely Planet remarks: "Ireland is expensive but costs are lower out of the main tourist areas."

So what went wrong? Some sectors are more to blame than others. While the price of air travel has fallen, and the cost of public transport has generally stayed below the rate of wage inflation, the cost of food and drink, accommodation and amenities has galloped ahead.

The price of a pint has risen by at least 80 per cent above inflation, a night in a B&B more than 90 per cent. Tickets for public attractions such as Newgrange or Dublin Zoo have more than doubled in price, while golfers face green-fees almost nine times more costly than those in 1979, after prices are adjusted for inflation and exchange rate changes.

So how far would one get on Bryant's budget today? $15 in 1979 (when a pound was $1.95) roughly equates to €35 in 2003. It's do-able (see panel), but one can forget about the luxuries.