Government Considers Action on Rising Grocery Costs
The Government is looking into strengthening laws to address alleged price gouging by supermarkets as grocery costs for households have increased significantly. Social Democrats are pushing for supermarkets with over €10 million turnover to disclose financial accounts and face fines for non-compliance. Opposition parties criticize the lack of action, while the Government acknowledges the concerns and plans to enhance consumer protection laws.
Government is considering enhancing existing laws to increase fines and make the State's consumer watchdog more robust to address alleged price gouging by supermarkets. Minister of State at the Department of Enterprise Niamh Smyth outlined the plans in response to concerns over the rising cost of groceries for households. Social Democrats raised the issue during a Dáil motion, calling for supermarkets with an annual turnover of €10 million or more to publish financial accounts and face fines if they don't comply.
Sinn Féin and Labour also criticized the lack of action on price gouging. In response, Ms Smyth acknowledged the concerns and stated that the Government is looking into strengthening existing laws and the Competition and Consumer Protection Commission. However, she mentioned that the proposed €10 million turnover threshold does not align with EU rules.
Acting Social Democrats leader Cian O'Callaghan emphasized the need for supermarket data across the supply chain to determine if price gouging is occurring. He highlighted the importance of analyzing profit margins to make informed decisions about potential measures.
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