Retail prices and profits
Deputy Cairns highlights poverty, arrears and high food and energy costs, and says retailers should lower prices. The Minister of State says tomorrow’s retail forum will challenge retailers on costs and prices, and the Deputy asks that profits be raised too before time expires.
There are more than 670,000 people in the country living in poverty, including 190,000 children. The number of older people living in poverty has increased by 40% in the past two years alone. The poorest 10% of households spend almost half their income on food and energy. Whatever is left is spent on the extortionate housing costs. This is not sustainable. The energy companies are simply ignoring the Government's calls to lower prices. Nearly 25% of gas customers are in arrears. It is likely that supermarkets will ignore the Government's calls as well.
A meeting of the retail forum has been convened for tomorrow, but the Taoiseach is going into those talks without a crucial piece of information. None of the major supermarket groups publish their profits for their operations here. They tell us they are not profiteering, but they refuse to come clean about their profit margins. At the meeting of the retail forum tomorrow, will the Government ask the supermarket groups to finally come clean about their profits here?
Comment on this
I am looking forward to tomorrow's retail forum. There is going to be a frank exchange. I am delighted to see that the vast majority of retailers, beyond those who normally attend, have confirmed their attendance. We will be asking the sort of direct questions Deputy Cairns has alluded to, and we will be making it quite clear that where input costs have gone down, we expect to see prices go down at the supermarket tills for consumers. There is an awful lot that will be discussed tomorrow. There will of course be a follow-up meeting on 21 June and all the issues Deputy Cairns raises will be raised.
Comment on this
Will the Minister of State ask about profits?