Enterprise Minister Simon Coveney is developing a suite of measures aimed at ensuring major retailers are not profiteering from customers by keeping food prices high despite inflation slowing down. Mr Coveney is also considering plans to force retailers to reveal specific profits they make from Irish consumers, even if businesses are based in other countries. We need to make sure supermarkets aren’t taking advantage of that and delaying reducing food prices as fuel prices and gas prices and fertiliser prices come down,” he added. Labour’s spokesperson on finance Ged Nash accused Mr Richmond of being “all mouth and no trousers” in the wake of the meeting. The move followed Tesco Ireland’s announcement earlier yesterday in which it said it would reduce the retail price on its own-brand bread by 10c.

Source: Irish Independent May 11, 2023 02:23 UTC