Ivana Bacik (Dublin Bay South, Labour) | Oireachtas source

While households are struggling to buy basic goods, we are seeing companies reaping record profits. We know that food shopping costs are expected to increase by an additional €1,200 for people this year alone. While no one denies the inflationary effect of the pandemic and of the war in Ukraine, the reality is that we are seeing very serious profiteering from large corporations which is amplifying price inflation. This has been referred to as greed-flation and, indeed, a European Central Bank, ECB, paper in March highlighted that corporate profits account for two thirds of domestic price pressures. We know that large companies with market power can raise prices well above the official inflation rates and households are paying the price.

Will the Taoiseach face up to the profiteering and price-gouging which we are seeing, particularly in respect of food prices? Will he heed the calls made by my colleague, Deputy Nash, who has called on the Government to use the Consumer Protection Act 2007 to introduce price controls and to ensure we see food prices kept at affordable rates for households?

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