Labour call for CCPC to investigate grocery price gouging
Labour Enterprise spokesperson Ged Nash has called on the CCPC to investigate potential price gouging in supermarkets as the cost of food continues to rise alongside the profits of multinational corporation.
Deputy Nash called on Government to use its powers under the 2007 Consumer Protection Act to intervene and examine the setting of price caps on every day essentials.
Deputy Nash said:
“Exceptional times demand exceptional measures to protect the living standards of working people.
“In an economy where inflation has totally outstripped wage growth, everyone is feeling it in their pockets. Prices are rising faster than incomes, so people will have less to spend on everyday essentials. So too are profits.
“In the meantime, far too many corporations like supermarkets are involved in reaping hyper-normal profits at a time that so many families are struggling.
“It’s time for the CCPC to investigate potential price gouging in the market to ensure that the wages of hard-pressed workers go further and for the authorities to examine how profit-taking is contributing to the inflation problem.
“Government has tools in its armoury to address rising costs for householders. The unfortunate reality is that with costs of food shopping expected to increase by an additional €1,200 for people this year, people aren’t spending more, they’ll be doing with less.
“In Ireland in 2023, we have hard working parents opting to feed their children rather than themselves and it’s nothing short of scandalous.
“It’s time for Government to use the Consumer Protection Act (2007) to cap prices on everyday essential items like bread, milk, eggs and pasta, items that have soared in cost over recent months.
“We know that the ECB has said very clearly that one of the predominant reasons inflation remains so high is because of record breaking profits being taken by corporations.
“The price of production hasn’t changed. In fact input prices are falling but prices remain inexplicably high. It’s not good enough that supermarkets and others can continue to reap massive profits when too many are barely getting by.
“You can’t eat good GDP figures. Government must take their head out of the sand and help those who need it most. It is important that anyone who works, can work with the knowledge that they can budget to pay their rent, heat their home, and pay for groceries. Under this conservative coalition, too many people are just getting by. It’s time for some ambition and action for hardworking people.”