Food prices likely to continue rising, but price-gouging isn't to blame

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Although food prices are likely to increase in the future, supermarket price gouging has been ruled out as the reason.

The Department of Enterprise is meeting supermarket bosses this afternoon, to discuss the ongoing issue at the Retail Forum.

The meeting comes as a new analysis carried out by the Consumer and Competition Protection Commission, has found no evidence of "excessive pricing" on supermarkets’ part.

The analysis commissioned by Minister Simon Coveney, says prices remain high when compared internationally, but food inflation in Ireland has been the lowest in the EU.

Socialist TD Mick Barry believes price caps are the answer.

"Even if the report says that there isn't excessive pricing, and that some prices are coming down, they're not coming down nearly fast enough. That there's still massive profits being made and that the question of price controls still needs to be implemented."

Economist Jim Power says weather, war and energy, have all significantly impacted pricing.

"There's a lot of conflicting forces. It is inevitable that Irish consumers will have to pay higher prices into the future and that will not represent price gouging."

The Department of Enterprise is currently meeting supermarket bosses at the retail forum this afternoon, where the CCPC analysis will be discussed.