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TD has suggested that the Government should study the UK’s approach to grocery inflation and implement similar measures

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Ged Nash, the Labour Party’s spokesperson on Finance, Public Expenditure and Reform, Enterprise and Trade, has called for the Government to take a leaf out of the UK Government’s book and bring retailers together to propose voluntary price caps on some branded staples. Nash told RTÉ radio’s Morning Ireland that evidence across Europe suggested that food inflation was “very stubborn”. He acknowledged that supermarkets might be trying to recoup losses after the illegal Russian incursion into Ukraine.

The Competition Protection Commission (CPC) is yet to be granted the authority to enter supermarkets and observe prices. Nash noted the sector’s secrecy as one of the major missing links in terms of price transparency – for instance, they know labour and input costs are generally going down, but food inflation is still rising. As a result, Irish shoppers are spending almost one fifth more than they did last May.

In a bid to address the issue, Nash proposed legislation which would allow the CPC to conduct a detailed market analysis and also take action if retailers are found to be manipulating prices. He believes that retailers who are not seeking to exploit customers for profit have nothing to fear from such measures.

Nash drew attention to the Conservative Party’s move in the UK, led by a wealthy Prime Minister, which saw retailers asked to introduce voluntary price caps on some brands. He suggested that the Irish Government should do the same to alleviate the impact of grocery inflation on the population.

To ensure this happens, Nash believes that the Government must make a serious effort to reduce prices over the next three weeks.

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Owen
Owen
Owen is an excited writer with over 10 years of experience in the newspaper industry. Born and raised in Ireland, Owen developed a passion for writing and journalism at a young age. He pursued this passion by studying journalism in college and quickly landed a job as a reporter at a local newspaper. Over the years, Owen worked his way up the ranks in the newspaper industry, eventually becoming one of the top editors in the company.

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