Louth TD demands action on price transparency as grocery prices soar

Louth TD and Labour's Finance spokesperson Ged Nash TD has urged the government to act on soaring grocery prices. 

He was speaking ahead of today's Dáil debate on his Competition & Consumer Protection (Excessive Prices) Bill.

The legislation will give the Competition and Consumer Protection Commission (CCPC) greater power to analyse and survey the groceries market which would include the pricing practices of the major multiples. 

If passed, the bill will also compel companies to share with the Commission data on their profit margins to enable the body to publish accurate information on a frequent basis on the performance of the sector and individual companies operating in Ireland. 

Deputy Nash said;

"Fresh data from the CSO shows the price of butter alone has increased by 26% in the past year – nearly €1 – to an average of €4.69. Kantar data confirms food price inflation is now running at 5%, twice the rate recorded last year, and families are paying around €2,000 more annually on groceries.

"The price of basic staples has escalated massively in recent years. While inflation has slowed, the cost of the weekly shop gets higher as each month passes, and is outpacing wage growth. 

“Our Excessive Prices Bill will give the consumer watchdog real teeth – the power to scrutinise profits, demand greater transparency on pricing, and take enforcement action where unfair pricing arising from an abuse of a dominant position, is found.

“This is about arming the CCPC with the authority it needs to finally bring more transparency to the sector and to hold large retailers to account. The ongoing secrecy surrounding the structure and pricing policies of these supermarket giants is unacceptable.

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"On foot of Labour's campaigning for fair prices for shoppers the then Minister for Enterprise Simon Coveney, two years ago, said that his government would compel supermarket chains to publish their profits.

"Two years on, nothing has happened and the Programme for Government is silent on this agenda. 

"In those two years shoppers are still getting stiffed at the checkout and the reasons for this needs to be interrogated.

"Ahead of the prospect of an all out trade war between Europe and the US, it is really beyond time that there was legislative action to usher in  transparency in a sector where real competition is absent and where we need to be more vigilant than ever over the risk of profiteering and the prospect of price gouging."