Supermarket bosses have indicated a further cut to the cost of certain food products in the weeks ahead. 

Junior Minister for Enterprise Neale Richmond met with representatives earlier at the second meeting of the Retail Forum to discuss supermarket costs. 

Mr Richmond told Newstalk in areas where food production decreases, the price of food will also decrease. 

“We fundamentally expect and have been given confirmation by supermarkets that they will work in the coming weeks to reduce the prices at tills, particularly where input cost will come down,” he said. 

Price gouging

The second Retail Forum comes following a report by the Consumer and Competition Protection Commission that found there is no price gouging in the Irish retail market. 

The report said food prices remain high when compared internationally - but over recent years food, inflation in Ireland has been the lowest in the EU. 

Minister for Enterprise, Trade and Employment Simon Coveney said he is relieved and happy to hear “competition on price, quality and location has improved in recent years resulting in more choice for consumers”. 

"I’m very conscious that food prices remain high when compared internationally,” he said. “This report however finds that food inflation in Ireland has been the lowest in the EU in recent years.” 

High prices 'inevitable'

Economist Jim Power said weather, war and energy, have all significantly impacted pricing in Irish supermarkets. 

“The omens are mixed at the moment,” he said. “Global food commodity prices are certainly falling at the moment.” 

“They may or may not continue depending on global weather – of course the Ukraine situation. 

“There’s a lot of conflicting forces, but it is inevitable that Irish consumers will have to pay higher prices in the future, and that will not represent price gouging.”