Tesco price cuts a 'significant turning point' for grocery costs: McGrath

Tesco price cuts a ‘significant turning point’ for grocery costs: McGrath

FINANCE MINISTER MICHAEL McGrath has said that it’s “only a matter of time” before more grocery chains cut prices.

Tesco has today lowered prices on more than 700 products, which McGrath says is “quite a significant turning point” for grocery price inflation.

The move follows more than a year of continuous increases on everyday essentials that has strained household budgets.

“These reductions are very good news for consumers and I think they’ll be warmly welcomed,” McGrath told RTÉ’s Morning Ireland.

“Everybody has seen the really significant spike in prices over the last 18 months or so.

“We know that people are very price-sensitive, they will shop around and they will vote with their feet, and I would expect that other significant retail providers in the grocery space will respond but that’s a matter for themselves.

“But people certainly will respond to good offers. and I think will adjust their shopping patterns.”

McGrath will meet with retailers again in the coming weeks to discuss whether the government should interfere with grocery prices.

Consumers, he said, “will expect others now to follow suit”.

“I think it’s only a matter of time before other grocery providers respond,” said the Minister.

“As inputs fall, we do expect the retailers to pass on the benefit of that to consumers.

Asylum seekers

the State is to pay around €1.5 million to a European relocation system, as Ireland struggles to accommodate more refugees, the Irish Examiner reported today.

“We have been very honest and open with people about the pressure that is there in terms of accommodation provision around the country,” he said.

“What has been achieved is quite remarkable. Over 85,000 people now are being accommodated by the State – over 65,000 from Ukraine and over 20,000 international protection applicants.

“The pressures are there, and we’re upfront about that.”

A discussion will be had in Cabinet today about alternative way for Ireland to fulfill its international obligation “in full”.

“I think we’ve done that to date by receiving the number of people that we have.”