Latest news with #CompetitionandConsumerProtectionCommission
Agriland
an hour ago
- Business
- Agriland
CCPC: Ag output prices up 19.3% in Q1 year-on-year
The Competition and Consumer Protection Commission (CCPC) has found that there is no evidence indicating that competition is not working in the Irish grocery retail sector. In a report released today (August 7), the CCPC found that increased competition in the market over the last 20 years has brought sizeable benefits for consumers. It also found, that food price increases in Ireland have been "well below the European average" and that this coincides with increasing competition in the Irish market. However, the CCPC found that one of the "key drivers" of recent food price rises, is the increase of some agricultural product prices, which have been higher in Ireland than the European average. The CCPC said that while grocery prices have increased significantly since 2021, they have done so at a slower pace than some of the key input costs, such as agricultural prices. In the report, the CCPC suggests that competition in the grocery market has helped limit the impact of increased agricultural prices on Irish consumers. According to the CCPC, up until 2024, agricultural output prices largely tracked agricultural input prices. However, recently output prices have shown a "strong increased" compared to input prices. Between Q1 2024 and Q1 2025, agricultural output prices in Ireland rose by 19.3%, the highest in the EU and significantly above the EU average of 2.6% for the same period. Meanwhile, in the same period, agricultural input prices in Ireland fell by 4.6%, the second-highest decline in the EU, behind Lithuania. The CCPC report said: "While the data points to upward pressures in agricultural output prices as being an underlying factor in recent grocery inflation, this observation relates to a short period of time (2024-2025). "The recent increase in Irish agricultural output prices is likely to be driven by a combination of factors along the supply chain such as increased global demand, supply constraints and global market volatility," the CCPC added.
Irish Independent
6 hours ago
- Business
- Irish Independent
Cost of cod fillets up almost €5 in a year, as food prices soar
New figures show that the cost of fish, meat, milk, butter and cheese have surged in the last year. Cod fillets are now almost €5 more expensive per kilogram (kg) than they were a year ago. Food prices are surging almost three times faster than general inflation, according to July inflation figures from the Central Statistics Office. The latest food inflation figures come as the Competition and Consumer Protection Commission found no evidence of price gouging by supermarkets in the Irish market. Cod fillets now cost €25.26 per kg. This is up by €4.89 in the past year. In percentage terms it is a rise of 24pc. Diced beef prices have jumped by a similar percentage. This meat product now costs €13.39 per kg, a rise of €2.62 when compared with the price in supermarkets and butchers a year ago, the CSO figures show. Butter is now €1.08 a pound more expensive than last year. CSO statisticians found that a pound of butter is now €4.87, fast approaching the psychologically important €5 mark. Milk is also up in price, as farm gate prices have surged in the last year. ADVERTISEMENT Two litres of full-fat milk now costs €2.47, a rise of 28c since July last year. This is a 13pc rise. Cheddar cheese has shot up by 24pc in cost. Buying a kilogram of cheddar now costs €11.19, a rise of 70c per kg. Overall inflation was recorded at 1.7pc for July, down from 1.8pc in July. But food and non-alcoholic beverages was up by 4.7pc over the 12-month period, putting massive pressure on family budgets. Food and non-alcoholic beverages was the division to record the largest increase in the 12 months to July, the CSO said. Health insurance costs were up by 9pc in the year, as all four health insurers have pushed up premiums. The three largest insurers – VHI, Laya and Irish Life – had announced multiple price rises in the last year. Motor insurance costs are up for the 23th month in a row, with a rise of 6.5pc. Home insurance increases have eased off, with this up by 3.3pc in July. CSO statistician Anthony Dawson said: 'There were price increases in the 12 months to July 2025 for a pound of butter (+€1.08), Irish cheddar per kg (+70c), two litres of full fat milk (+28c), an 800g loaf of white sliced pan (+5c), and an 800g loaf of brown sliced pan (+3c). There were decreases in the price of a 2.5kg bag of potatoes (-33c) and spaghetti per 500g (-4c) when compared with July 2024.' For the month of July, consumer prices rose by 0.1pc. The divisions with the largest growth in the month were recreation and culture at plus-1.8pc, and transport at plus-1.1pc. The division with the largest declines in the month were clothing and footwear
Irish Examiner
6 hours ago
- Business
- Irish Examiner
No evidence of price gouging in supermarkets, says consumer watchdog
There is no evidence of price gouging in Ireland's supermarket industry, the State's consumer watchdog has said. Publishing the findings of its latest analysis of the sector, the Competition and Consumer Protection Commission (CCPC) has said while food prices have increased significantly in recent years in Ireland, 'there is no evidence that competition is not working in the Irish grocery retail sector'. 'Food price increases have generally remained below the European average, which coincides with increasing competition in Ireland,' it said. The data available on profit margins does not indicate that margins are notably high when compared to international comparators. The CCPC said the rate of increase for grocery prices was at a slower pace than some of the key input costs, such as agricultural prices, which suggests competition in the market has helped to limit the impacts. However, the review did point to 'upward pressures' in agricultural output prices in the last year as being an 'underlying factor in recent grocery inflation'. Social Democrats TD Jennifer Whitmore said price spikes in agri-food supply chains must be investigated, and said it was unacceptable the CCPC did not have access to all the relevant data for its analysis. 'Not all of the large supermarket chains publish their Irish profits,' she said. 'It is wholly unsatisfactory for the consumer regulator to be denied information that is necessary for it to do its job — and it is outrageous that the Government has not acted to force large supermarket chains to publish their profits.' Households feeling the pinch It all comes as households are still feeling the pinch to a much greater extent at the grocery tills, as new figures showed the cost of food was still rising at almost three times the rate of general inflation. The latest Consumer Price Index from the Central Statistics Office showed prices have risen 1.7% across the Irish economy in the past 12 months, while food and non-alcoholic drinks rose 4.7% in the same period. Consumers are also feeling a stronger pinch when it comes to eating and drinking out, according to the data. In the past 12 months, a drink in a pub has risen 3.7%, while the cost of restaurants, cafes, fast food and takeaways have risen 3.5%. Digging into the CSO data, it shows many common purchases at supermarket checkouts have surged in price in the past year. Beef and veal have risen by 23%, lamb and goat are up 17%, whole milk is up 12%, butter is up 19.4%, and chocolate has risen by 16%. Some of our favourite non-alcoholic tipples have also risen significantly, with coffee up 12.7% and fruit and vegetable juices up 7.4%. Breaking some of them down by average price, CSO statistician Anthony Dawson said: 'There were price increases in the 12 months to July 2025 for a pound of butter (+€1.08), Irish cheddar per kg (+70c), two litres of full fat milk (+28c), an 800g loaf of white sliced pan (+5c), and an 800g loaf of brown sliced pan (+3c).' In better news for consumers, the cost of transport (-2.8%) and clothing and footwear (-2.4%) have fallen in the past 12 months.
Irish Independent
7 hours ago
- Business
- Irish Independent
No evidence of price gouging by supermarkets, competition watchdog finds
The Competition and Consumer Protection Commission (CCPC) said that supermarkets here are not making any higher profit margins than those in other countries. The findings in a new probe on grocery pricing are set to surprise many consumers who are struggling with a surge in food prices and have laid the blame on supermarkets. Such has been the jump in prices that food prices in this country are now the second most expensive in the Eurozone, according to the Central Statistics Office. The Dáil heard accusations from a number of TDs last month that supermarkets are price gouging. But the CCPC said in a just-released report: 'Overall, there is no evidence indicating that competition is not working in the Irish grocery retail sector.' The competition body was asked by Minister of State for Retail Alan Dillon to update a 2023 probe into competition in the retail sector. His call came on the back of grocery prices rising at three times the rate of general inflation. Some meat prices are up 22pc in the past year alone, with butter up by 30pc in a year. University College Cork economist Oliver Browne has estimated that grocery prices are up more than a third in the last four years. This means that many families being forced to stump up an additional €3,000 a year due to the rise in grocery prices. But the CCPC report, entitled 'Updated high-level analysis of the Irish Grocery Retail sector – August 2025' concluded that 'increased competition in the market over the last 20 years has brought sizeable benefits for consumers'. This is mainly down to the major retail groups in the market opening new stores all over the country. CCPC experts said in the report that food price increases in Ireland have been well below the European average, and this coincides with increasing competition in the Irish market. 'The data available on profit margins does not indicate that margins are notably high when compared to international comparators.' But the report acknowledges that what it calls 'significant price increases' since 2021 are having a real impact on consumers both in Ireland and across Europe. It said one of the drivers for food price rises is the increase of some agricultural product prices, which have been higher in Ireland than the European average. 'While grocery prices have increased significantly since 2021, they have done so at a slower pace than some of the key input costs, such as agricultural prices. 'This suggests that competition in the grocery market has helped limit the impact of increased agricultural prices on Irish consumers. ' This implies that retailers are selling some food items at a loss out of fear that they will turn away shoppers if they charge the full increase they are being charged by food processors. CCPC analysists found that the profit margins of Tesco, Aldi and Musgrave in this market are between 1pc and 4pc, considered to be modest compared with other sectors. Tesco has an operating profit margin of 3.7pc, with a figure of 2.4pc for Musgrave, whose stores include SuperValu and Centra. Aldi's profit margin in 2023 was 0.8pc. Dunnes and Lidl do not publish financial results. 'The profit margins for Irish supermarkets align closely with those observed in the UK and other parts of Europe,' the report states. Both Sainsbury's and Asda reported profit margins of approximately 3pc for the 2023/2024 period, the CCPC said. The profit margins for Irish supermarkets are much lower than those of some producers within the market. CCPC experts found that Unilever – whose brands include Dove, Hellmann's, Knorr, Lipton and Sunlight – reported a margin of 18.4pc in 2024. Kerry Group, an international leader in taste and nutrition products, maintained a margin of 11.2pc in 2024. Glanbia, whose brands include energy bars, dairy products and dairy-free products, had a profit margin of 14.4pc in 2024. The CCPC said in its report that profit margins along the food supply chain, including buyer power and margins, are part of the role for the new Agri-Food Regulator. Chairman of the CCPC Brian McHugh told consumers were under huge pressure from rising grocery prices but he said this was not driven by competition problems in the grocery retail sector. 'We did not find evidence of significant competition issues or the need for intervention in the market. "What we have seen is evidence that the market is working reasonably well. Food inflation in Ireland is lower than the European average,' Mr McHugh said. He said the entry of German discounters Aldi and Lidl into the market had helped to make their rivals more competitive.
Irish Examiner
21 hours ago
- Irish Examiner
Consumer watchdog warns students to be aware of rental scams ahead of academic year
The consumer watchdog has warned students not to pay by cash or Revolut for a property, as it urged them to be cautious of rental scams heading into the next academic year. The Competition and Consumer Protection Commission (CCPC) said the hunt for student accommodation was ramping up ahead of September, and students are under pressure to find a place to live due to the shortage of rentals available. This creates 'the perfect conditions' for rental scams, the watchdog said. Its warnings echo similar ones given by gardaí in previous years, with August and September usually seeing a spike in accommodation fraud reported in Ireland. One third of all such frauds are reported during this time of year. Last year, An Garda Síochána said 30% of victims of accommodation fraud were Irish. The CCPC said a rental accommodation scam would usually try to trick students out of their money by pretending to offer them a property or a room to rent. These scammers will offer a property at much lower prices to draw in potential victims, and they will often offer a rental without any questions asked. Actual landlords will usually want to check references before considering renting to anyone. 'If the landlord claims to be out of town or living abroad and cannot show the property in person, this is a major red flag, and you should be very careful,' the CCPC's deputy director of financial education Muriel Dolan said. They may request money to secure the room before any mention of a lease, such as a deposit and/or one month's rent up front. You may even be sent a false contract to sign or fake keys to make it more convincing. It issued advice to students to make sure they do not fall victim to such scams, including researching the advertising property thoroughly, and using online maps to verify it exists and matches the photos offered. Students were also told to view the property in person before handing over any deposit or rent, while asking for a written lease or rent book before paying any money. Proper receipts should be asked for for any payment made, and they have been told to check with the Residential Tenancies Board (RTB) to make sure the rental property is registered. Furthermore, they were told to pay only by debit or credit card for a better chance to get their money back if something goes wrong. 'Never agree to rent a property you haven't seen in person,' Ms Dolan said. Always complete all relevant checks before payment and never ever pay cash or by Revolut. Instead, pay in a way that is traceable and refundable, and always test the locks to make sure the keys are genuine. If they do fall victim to a scam, the CCPC said students should contact their bank or credit card company to cancel their cards and secure their account. By doing so, they may also be able to reverse the transaction through a chargeback from the card provider. Reporting it to An Garda Síochána can help stop the scammer and stop others from becoming victims, the watchdog added.
