Dáil Éireann Debate, Thursday - 12 October 2023
56. Deputy Ged Nash asked the Minister for Enterprise, Trade and Employment if, as reported in May 2023 (details supplied), he plans to further examine if new reporting mechanisms are required for companies such as supermarket chains that would oblige them to provide details on their margins; and if he will make a statement on the matter. [44372/23]
View answerAs the Deputy may be aware, Neale Richmond T.D., Minister of State for Business, Employment and Retail held a special meeting with retail and grocery representatives in May to get a better understanding of price levels as they relate to inflation.
At that meeting, and in subsequent engagements with the sector, Minister Richmond was assured that they will continue to pass the impact of any reductions in input costs on product prices to their customers. The sector advised him that they have reduced the cost of quite a number of products and they will continue to monitor this.
I met with the Consumer and Competition Protection Commission (CCPC) also in May to discuss the ongoing issue of food prices and the costs incurred by consumers on that front and following the meeting requested them to provide their views on the grocery retail market.
I published the CCPC subsequent report, A High-level Analysis of the Irish Grocery Retail Sector on the 20 June 2023. I had a very comprehensive overview from the CCPC. Their analysis showed no indication to suggest market failure or “excessive pricing” and that they would continue to engage with the grocery sector. The CCPC have committed to undertaking further sectoral analysis of competition across sectors.
I have no plans to introduce new reporting mechanisms for the sector.
