TD to bring Dáil motion seeking 'full transparency' on supermarket profits
A motion will be brought before the Dáil this week calling for "full transparency on profits being generated by supermarkets".
Social Democrats TD Jennifer Whitmore, speaking ahead of introducing the motion on Wednesday, July 9, said that consumers "have a right to know whether surging grocery prices reflect genuine input cost increases or blatant price gouging".
Deputy Whitmore said that there is also a need for "clarity on how much farmers and food producers are being paid for their produce", as she said it "appears that the lion’s share of the profits often goes to the big retailers".“Families and individuals across the country are finding it extremely difficult to make ends meet as the cost of living soars," Whitmore said.
"According to a recent PwC report, more than 70% of people in Ireland are either ‘extremely’ or ‘very’ concerned about the price of groceries.“Grocery prices have increased at three times the rate of general inflation in the past year alone.
"In fact, many families are now spending €3,000 more a year to put food on the table than they were in 2021."
It is now over two years since the then Minister of State with responsibility for retail, Neale Richmond, convened a ‘supermarket summit’ to examine grocery costs.
However, Whitmore said that this intervention "failed to make any difference, with supermarket chains continuing to generate massive profits off the backs of Irish households".“Our motion calls for the introduction of legislation requiring all grocery retailers operating in Ireland – with an annual turnover above €10 million – to publish full audited yearly financial accounts," the Social Democrats TD explained.
"This requirement would apply to all operators, whether Irish-incorporated or international, to ensure no retailer can claim foreign registration to evade transparency obligations.
“In addition, we are calling on the government to monitor and publish regular reports on the impact of this transparency initiative on grocery price inflation and competition in the retail sector.
“The lack of transparency around these companies’ profits must end.”
The party is also calling for the Agri-Food Regulator to be granted the powers it needs to "compel the provision of necessary price and market information from relevant businesses in the agri-food supply chain, in order to fulfil its price and market data analysis function".
There is a commitment in the programme for government to “strengthen competition by promoting price transparency in all sectors”.
