Food prices and the price of basic groceries are continuing to rise, putting serious strain on households trying to afford just the bare necessities of life. We are seeing price reductions that are not being passed on to consumers. We are seeing profit margins for big retailers increasing and the Minister's retail forum last week was utterly toothless. It did not give retailers any reason to lower prices.

Yesterday, my Labour Party colleague, Deputy Nash, launched draft legislation on excessive pricing which seeks to give greater transparency to the pricing process. It would empower the Competition and Consumer Protection Commission, CCPC, to undertake an analysis of price setting and could require retailers to provide information on pricing. This would be a meaningful step towards correcting the power imbalance that exists between consumers on the one hand and retailers on the other. We see a pricing market that is deeply unfair currently to consumers. If companies are choosing to profit at customers' expense, that should be known. Will the Minister support our legislation when we bring it forward in this House and will he appeal to his Government colleagues to do the same?

I thank Deputy Bacik. We consider all proposals and I look forward to debating that legislation.

In relation to the Minister of State, Deputy Richmond's meeting, I note that two major retailers dropped the price of bread on the day the meeting was called. I do not think that was coincidental. We do not apologise for the Minister of State, Deputy Richmond, and others having an relentless focus on keeping the pressure on here. There is another meeting scheduled for June.

My colleague, the Minister, Deputy Coveney, will also meet the CCPC next week. We are considering legislation to ensure large retailers outline their profit margin. I believe only one does currently.