Food industry hits out at plan to force supermarkets to reveal profit margins

Proposed food ombudsman would have powers to probe suspected unfair trading practices as chains are accused of price gouging

Charlie McConalogue: a source said the Agriculture Minister would be going ahead with the increased powers which would force food firms to reveal the prices they pay and receive for food, and the profit margins they are making on specific contracts. Picture: PA

The food industry has slammed government proposals to compel supermarkets and processors to reveal their profit margins as part of efforts to prevent price gouging.

It comes as supermarket chains have been accused of profiteering over the current inflation in grocery prices.

A senior food industry source has said that supermarket bosses have described this country as ‘Treasure Ireland’ because of the higher margins they can charge here compared to other markets.

"For international supermarket ...