Retail Ireland Concerned Over Falling Consumer Price Index
Retail Ireland has expressed its concern over the latest consumer price index, which shows the price of goods fell by 3.4% in the year up to the end of April.
Director of Retail Ireland, Thomas Burke commented, “Today’s inflation numbers show the continuing difficulty facing Irish retailers in recovering costs in the marketplace.
“Falling consumer prices are further proof of the extremely competitive environment in which Irish retailers are operating,” he added.
“Consumers remain very price sensitive and this is putting retailers’ margins under severe strain.”
He went on to explain that the effect of the trend is especially stark given the decline in the value of the euro, which means an increase in the cost of sourcing goods outside of the eurozone.
Burke concluded that, “The retail sector has come through a very difficult last six years, and falling prices remain a significant challenge to its viability.”
© 2015 - Checkout Magazine by Jenny Whelan.