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Irish Supermarkets Face Fines For Profiteering

 |  June 12, 2023

Under a new regulator, supermarkets may receive fines up to €10m for profiteering, although some critics have questioned its effectiveness.

The Agri-Food Regulator Office was created with the purpose of addressing the complicated dynamic between supermarkets and farmers.

The Competition and Consumer Protection Commission’s ability to handle ‘greedflation’ has caused concern, leading to the extension of their responsibilities. Agriculture Minister Charlie McConalogue has stated that the new regulator will possess significant authority.

Related: UK Watchdog Tackles Supermarkets’ Unit Pricing

Simon Coveney, the Enterprise Minister, is creating a series of actions to prevent big retailers from increasing food prices despite the decrease in inflation.

He is considering implementing new reporting methods for businesses that would mandate them to disclose profit margins for specific products.

Mr. Coveney is contemplating potential measures that would require retailers to disclose their profits from Irish consumers, regardless of whether they operate in other countries.