Supermarkets in Ireland are reportedly not generating higher profit margins than their counterparts in other countries, according to a recent analysis conducted by the Competition and Consumer Protection Commission (CCPC). Despite accusations of price gouging amid rising food costs, the CCPC confirmed that competition in the grocery retail sector remains effective. Food prices have surged to become the second most expensive in the Eurozone, increasing pressure on consumers, with average grocery prices up more than a third over recent years. The report highlighted that increased market competition has positively impacted consumer benefits.
The findings in a new probe on grocery pricing show that supermarkets in Ireland are not making higher profit margins than those in other countries.
Food prices in Ireland are now the second most expensive in the Eurozone, with increases impacting families by an additional €3,000 a year.
Increased competition in the market over the last 20 years has brought sizeable benefits for consumers in the Irish grocery retail sector.
Food price increases in Ireland have been well below the European average, coinciding with increasing competition in the Irish market.
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