Food Drink Ireland Business Monitor Q2: Call for Government action amid rising costs
Food Drink Ireland (FDI), the business association within Ibec representing homegrown and international manufacturers and suppliers across the food and drink sector, has today launched its Food Drink Ireland Business Monitor for Q2 2024. The FDI Business Monitor tracks key retail, economic and consumer trends.
Commenting on the publication of the latest Food Drink Ireland Business Monitor, Linda Stuart-Trainor, FDI Deputy Director, said:
“The fall in food retail sales values, both month-on-month (-3.57%) and year-on-year (-3.42%) is extremely challenging for food companies, as retail is the primary route to market for the sector. This comes at a time when high cost levels and cost inflation (labour, energy and commodities) are impacting on margins, competitiveness, and investment decisions.”
With Budget 2025 weeks away and a general election looming, FDI is urging the Government to support productivity and sustainability in Ireland’s largest indigenous sector.
Linda continued: “While the Irish economy is experiencing some moderation in growth after five years of remarkable expansion, the economic outlook remains positive. The State has both a significant forecasted Budget surplus and is running a significant surplus in the Balance of Payments. Sharpening our competitive edge is within the gift of the Government. There is an increased need to build resilience against rising costs and wider competitiveness pressures whilst investing heavily in resource efficient processes and accelerating digital transformation measures.”
“FDI’s Budget 2025 Submission has competitiveness at its heart: competitive manufacturing, competitive people, competitive trade and competitive innovation. This Government – and those who hope to lead the country after the next election – must help, not hinder, the competitiveness of this key sector, to unlock economic, environmental and social gains.”
