Speaking this morning, Sinn Féin spokesperson on Enterprise, Trade and Employment, Louise O’Reilly TD, said the reduction in the price of food items by Tesco shows that more could always have been done by supermarkets to help customers in the face of runaway inflation.

She has criticised the government for failing to tackle the rising cost of living. 

Teachta O’Reilly said:

“The reduction in the price of food items by Tesco shows there has always been scope for supermarkets to reduce the cost of items, but not the will. Price reductions are to be welcomed, but the newfound will of supermarkets to reduce food price items has been driven by public pressure.

“At the beginning of March, the European Central Bank highlighted that corporate profiteering was contributing to price rises as firms used inflation as an excuse to increase profit margins. This is an unacceptable situation which needs to be gotten to the bottom of, and it is only through transparency this can be achieved.

“It is essential that we know where profiteering is happening in order to devise appropriate and meaningful solutions that will benefit consumers without having a destabilising effect.

“The aim of any such solution should be the recovery of profits unfairly made on the back of consumers in order to achieve a reduction in food item prices.

“In the intervening period, in conjunction with transparency, the government should be working with supermarkets to encourage the delivery of a low-cost basket of everyday essential items, as has been done elsewhere in Europe.

“In seeking that savings are passed on to customers, supermarkets, large producers, and large food corporations should in no way try to squeeze primary producers and family farmers, who are also under significant pressure.

“The slowness of government to act on food prices is shown in other areas; including energy costs, housing costs and mortgage increases. We need to see meaningful action to bring costs down for workers and families across the board.”