Finance Minister: As Costs Fall For Retailers, It’s Reasonable To Expect Prices At Tills Should Fall Too
The Finance Minister says he believes, as costs fall for retailers it’s reasonable to expect that prices at the tills should fall too.
Minister Michael McGrath was speaking as supermarkets are engaging in a price war.
Retailers have been battling it out with each other, cutting the price of milk, bread and butter.
Despite the price reductions, the cost of these household staples are still substantially higher than they were in recent years.
Speaking on the Neil Prendeville Show on Cork’s RedFM Minister McGrath says food inflation is running much higher than general inflation which now stands at 7.2%:
“We’ve seen some very small reductions so far in important daily items: bread and milk and butter. But I do think we need to see far more. Food inflation is running much higher than general inflation and that is a concern. And we do expect that as those costs fall, we expect those to be passed on to the consumers”.