News Archives - Page 3 of 642 - Pat Carroll PCCO - Chartered Accountants & Tax Advisors

Minister for Public Expenditure Jack Chambers has said that the European Union needs “to be careful about what we put on the table” in tariff negotiations with the United States.

Speaking RTÉ’s This Week, Mr Chambers said lowering tariffs between countries has been the basis of prosperity built over decades.

“We want to preserve the extent of the interdependence that exists between Ireland the US,” he said.

The Minister’s comments follow US President Donald Trump’s pausing his tariffs on dozens of countries – including Ireland – on Wednesday for 90 days to allow time for officials to negotiate with countries that have sought to reduce them.

Despite the reprieve, a 10% blanket duty on almost all imports remains in place.

Meanwhile, the tariffs imposed on China by Mr Trump were not paused and were hiked to 145%.

Mr Chambers said while it was impossible to predict what will happen with tariffs in general – or pharmaceuticals in particular – the Government’s hope is there will not be additional tariffs announced on pharma sector.

He warned that “we are at a point of enormous damage not just to the Irish economy but to the EU economy” if tariffs are raised.

Separate tariffs on smartphones and chips – Lutnick

The US Commerce Secretary has said that smartphones, computers and some other electronics will come under separate tariffs, along with semiconductors that may be imposed in a month or so.

“We can’t be relying on China for fundamental things that we need: our medicines and our semiconductors need to be built in America,” Howard Lutnick told ABC News.

On Friday, the Trump administration granted exclusions from steep tariffs on such products, imported largely from China, providing a big break to tech firms like Apple that rely on imported products.

China said it was evaluating the impact of the exclusions.

In a statement, the Ministry of Commerce called the move a “small step by US to correct its wrong practice of unilateral ‘reciprocal tariffs'”.

“The bell on a tiger’s neck can only be untied by the person who tied it,” the ministry said, urging the US to make a major step in correcting what it called its wrongdoing and cancelling the tariffs completely.

Article Source – EU should ‘be careful’ in tariff talks with US – Chambers – RTE

Copyright and Related Rights Act, 2000

The US government has granted tariff exclusions for smartphones, computers and other electronics imported largely from China, sparing them from President Donald Trump’s steep 125% reciprocal duties.

In a notice to shippers, the US Customs and Border Protection agency published a list of tariff codes that will be excluded from the duties.

The exclusions are retroactive to 5 April.

The US CBP listed 20 product categories, including the very broad 8471 code for all computers, laptops, disc drives and automatic data processing.

It also included semiconductor devices, equipment, memory chips and flat panel displays.

The notice did not provide an explanation for the Trump administration’s move, but the late-night exclusion provides welcome relief to major US technology firms, including Apple, Dell Technologies and countless other importers.

The exclusion only applies to Mr Trump’s reciprocal tariffs on Chinese goods, which climbed to 125% this week, according to a White House official.

Mr Trump’s prior 20% duties on all Chinese imports that he said were related to the US fentanyl crisis remain in place.

But the official said Mr Trump will launch a new national security trade investigation into semiconductors soon that could lead to other new tariffs on the sector.

Separately, White House spokesperson Karoline Leavitt said in a statement that Mr Trump has made it clear the US cannot rely on China to manufacture critical technologies such as semiconductors, chips, smartphones, and laptops.

But she said that at Mr Trump’s direction, major tech firms, including Apple and chipmakers Nvidia and Taiwan Semiconductor “are hustling to onshore their manufacturing in the United States as soon as possible”.

High tariffs fuel cost worries for smartphones

But the exemptions suggest an increasing awareness within the Trump administration of the pain that his tariffs had in store for inflation-weary consumers, especially on popular products such as smartphones, laptops and other electronics.

Even at a lower 54% tariff rate on Chinese imports, analysts predicted that the price of a top-end Apple iPhone could jump to $2,300 from $1,599.

At 125%, economists and analysts have said that US-China trade could largely halt.

Smartphones were the top US import from China in 2024, totaling $41.7 billion, while Chinese-built laptop computers were second, at $33.1 billion, according to US Census Bureau data.

Donald Trump ran to win back the White House last year largely on a promise to bring down prices that, fueled by inflation from the COVID-19 pandemic and Russia’s war in Ukraine, had rocketed and tarnished the economic reputation of former President Joe Biden and his Democratic allies.

But Mr Trump also promised as a candidate to impose the tariffs that have become a central part of his economic agenda, and the president has dismissed the turbulence in financial markets and expected price increases arising from the levies as a disturbance that was a necessary part of realigning the global economy and world trading order with his vision.

His so-called “reciprocal tariffs,” however, raised fears of a US recession and drew criticism from his fellow Republicans, who do not want to lose control of the US House of Representatives and Senate in next year’s congressional elections to Democrats, who have sharply attacked Mr Trump’s policies.

Donald Trump paused higher duty rates for 57 trading partners and the EU last week, leaving most countries with a 10% tariff as they seek to negotiate trade deals with Washington.

Mr Trump, who is spending the weekend at his residence in Florida, told reporters yesterday he was comfortable with the high tariffs on China but had a good relationship with President Xi Jinping and believed something positive would come out of the trade conflict between them.

But financial markets were in turmoil again yesterday as China matched Mr Trump’s latest tariff increase on US imports to 125%, raising the stakes in a trade war that threatens to upend global supply chains.

US stocks ended a volatile week higher, but the safe haven of gold hit a record high during the session and benchmark US 10-year government bond yields posted their biggest weekly increase since 2001 alongside a slump in the dollar, signaling a lack of confidence in the US.

China says tariffs will ‘inflict serious harm’ on poor nations

It comes as China’s Commerce Minister Wang Wentao told the head of the World Trade Organization that US tariffs will “inflict serious harm” on poor nations, according to a ministry statement.

The US and China have been trading salvos of increasingly higher tariffs this month, raising fears of an intensifying trade war between the world’s two largest economies that has sent global markets into a tailspin.

Economists warn that the disruption in trade between the tightly integrated US and Chinese economies will increase prices for consumers and could spark a global recession.

“These US ‘reciprocal tariffs’ will inflict serious harm on developing countries, especially the least developed countries, and could even trigger a humanitarian crisis,” Mr Wang told WTO chief Ngozi Okonjo-Iweala in a call yesterday, the statement said.

“The United States has continuously introduced tariff measures, bringing enormous uncertainty and instability to the world, causing chaos both internationally and domestically within the US,” Mr Wang added.

China said that its 125% tariffs on US goods would take effect today – almost matching the staggering 145% levies imposed by the US on Chinese goods entering the United States.

But China indicated that it would ignore any further levies by US President Donald Trump because it no longer makes economic sense for importers to buy from America, China said.

Meanwhile, Taiwan’s government said it held first tariff discussions with the United States and expected more talks to build “strong and stable” trade ties.

Taiwan’s President Lai Ching-te said the island was on “the first negotiating list of the US government” as he looks to shield its exporters from a 32% tariff.

Taiwan now faces a 10% tariff and Mr Lai said talks would seek to strike a deal with the US to bring that down to zero.

Taiwan’s Office of Trade Negotiations said that Taiwanese officials held a video conference the day prior with “relevant US officials” without identifying them.

The two sides “exchanged views on Taiwan-US reciprocal tariffs, non-tariff trade barriers, and a number of other economic and trade issues including export controls”, it added.

Article S0urce – US exempts smartphones, computers from global tariffs – RTE

Copyright and Related Rights Act, 2000

New research from Ibec shows that flexible or hybrid working arrangements remain a critical factor for employee workplace wellness.

The survey of more than 1,000 people found that 68% of employees highlighted hybrid or flexible work as key to their wellbeing, with 35% saying they would be willing to leave a high-paying job for one offering hybrid working.

According to the research, work-life balance, financial wellbeing support and mental health initiatives top employee priorities in terms of employer supports.

Nearly seven in ten employees said that workplace wellness has become more important to them over the past two to three years.

Additionally, 28% said there had been increased investment and focus on wellbeing from their employers, with another 30% noting a moderate rise in efforts.

However, 35% believe their line managers are not adequately trained or supported to prioritise employee wellbeing.

Ibec has launched the research ahead of the 11th annual National Workplace Wellbeing Day, which takes place on 30 April.

The day is an opportunity for companies to showcase their employee support structures and demonstrate how they are enhancing the overall wellbeing of their workforce.

“We are now operating in a post-COVID work environment, where discussions on the future of hybrid work and the role of DE&I initiatives continue to shape workplace wellness,” said Ibec CEO Danny McCoy.

“What remains clear is the vital role of workplace wellness in supporting employees and fostering an environment where they can thrive.

“This research underscores that workplace wellness has never been more important. Companies must continue to invest in it, while staying agile to meet the evolving needs of their workforce,” Mr McCoy said.

Article Source – Hybrid work critical for workplace wellness, survey finds – RTE

Copyright and Related Rights Act, 2000

New figures from the Central Statistics Office show that the country’s inflation rate rose to 2% on an annual basis in March compared to 1.8% a month earlier.

This marked the first time that inflation has been at, or above, 2% since July 2024 when the rate of inflation was 2.2%.

The CSO said that on an annual basis, prices in restaurants and hotels rose mainly due to higher prices for alcoholic drinks and food consumed there.

March also saw higher high rents and mortgage interest repayments, which were partially offset by a reduction in the price of home heating oil. Higher prices for health and motor insurance premiums were also noted.

The price of Food & Non-Alcoholic Beverages rose by 4.2% due to higher prices across a range of products such as milk, cheese and eggs, chocolate and confectionery, mineral waters, soft drinks and meat.

But prices in the clothing and footwear sector were down 1.9% due to sales.

Today’s figures also show that the Harmonised Index of Consumer Prices, which strips out mortgage increases and is used for intra-European Union comparisons, rose 0.7% on the month to stand 1.8% higher on the year.

The CSO also today published National Average Prices for selected goods and services for March, which reveal that the national average price for a 800g white sliced pan decreased by a cent in the year.

Spaghetti per 500g increased by two cents in the year, while the average price for 2.5kg of potatoes was down 9 cents.

The national average price of full fat milk per 2 litres was up 28 cents in the year, while butter per pound rose by 76 cents and the average price of Irish cheddar per kg increased by 50 cent.

The average price of a take-home 50cl can of lager at €2.39 was up two cents from March of last year, while a take-home 50cl can of cider at €2.69 was unchanged.

The CSO also noted that the average price of a pint of stout in licensed premises was €6.04, up 39 cents in the year, while a pint of lager was €6.44, up 37 cents compared with March 2024.

Article Source – Annual inflation rises to 2% in March – CSO – RTE

Copyright and Related Rights Act, 2000

Oil prices rose today after settling more than $2 a barrel lower in the previous session, but were set to drop for a second week in a row on concerns over a prolonged trade war between the US and China.

Brent futures rose 90 cents, or 1.4%, to $64.23 a barrel this morning, while US West Texas Intermediate crude futures rose 88 cents, or 1.5%, to $60.95.

Brent is set to fall 2.1% this week, while WTI is on track to decline 1.8%. Both benchmarks declined 11% in the previous week.

A prolonged dispute between the world’s two biggest economies is likely to reduce global trade volumes and disrupt trading routes, and eventually weigh on global economic growth.

“We expect prices will remain under pressure as investors assess ongoing trade negotiations and rising tensions between Washington and Beijing,” BMI analysts said in a note.

Concerns about a global economic slowdown were also putting oil prices under pressure, Daniel Hynes, senior commodity strategist at ANZ, said in a note.

The bank forecasts oil consumption to decline by 1% if global economic growth falls below 3%, Hynes said.

US President Donald Trump raised tariffs against China to 145% yesterday, even after announcing a pause on heavy tariffs against dozens of trading partners earlier this week. China, in turn, has announced an additional import levy on US goods.

The US Energy Information Administration this week lowered its global economic growth forecasts and warned that tariffs could weigh heavily on oil prices, as it slashed its US and global oil demand forecasts for this year and next year.

BMI analysts said the OPEC+ meeting on May 5 could prove decisive, signalling appetite to intervene in support of market stability.

“The announcement of additional supply growth at the next meeting would likely be a trigger for a renewed selloff,” the analysts said.

Article Source – Oil prices set to drop for a second week over US-China trade war concerns – RTE

Copyright and Related Rights Act, 2000

A new survey of homeowners, renters and prospective buyers reveals a big jump in younger age groups saying they are considering applying for social housing in response to housing affordability concerns.

PTSB’s latest Reflecting Ireland research shows that 46% of people who are in the market to buy a home are now considering applying for social housing. This rises to 61% of 18-24 year olds.

21% of people said they are now considering social housing for the first time because the private home ownership market has become so challenging.

The survey, which was conducted on PTSB’s behalf by Core Research, also reveals that first time buyers are struggling to save for a deposit.

Only 41% of FTBs said they have saved enough for a deposit (minimum 10% of purchase price) on their home.

Another 33% said they have some savings in place but not enough for a deposit, while 27% have yet to start saving, PTSB said.

Meanwhile, homebuyers are turning to family for help. Due to the difficulty in saving for a deposit, one in three of those in the market to buy a home say they are relying on their family, through gifts or inheritances, to help put in place the money for a deposit.

Meanwhile, 68% of survey respondents feel house prices will continue to increase. PTSB said the house price trend means more than two in three respondents strongly believe that future generations will find it even harder to own a home.

PTSB’s Reflecting Ireland research survey was released ahead of the PTSB Ideal Home Show in Dublin this weekend.

It also shows that more than six in ten respondents strongly agree that owning a home is very important to them, with long-term renting not seen as a preferable option by most people here, with just 35% of adults saying renting long-term suits people like them.

Despite the challenge in saving for a deposit, 10% of first time buyers say they are planning to spend more than €650,000 on their first home, while 61% say they will spend less than €350,000.

“Our research offers a comprehensive snapshot of people’s attitudes towards homeownership – across existing homeowners, renters and prospective First Time Buyers and Second Time Buyers,” Leontia Fannin, Chief Sustainability & Corporate Affairs Officer at PTSB, said.

“We are seeing a shift in attitudes towards housing and homeownership, as well as evidence of the struggles first time buyers are facing, such as saving for a deposit,” Ms Fannin said.

“The research also shows that there is a lot of scope for existing homeowners to access better mortgage interest rates through a range of options, including making their homes more energy efficient, becoming more aware of the ability to use a lower LTV to get a better rate, and switching to lenders who offer better deals,” she added.

Article Source – First time buyers struggling to save a deposit – PTSB research – RTE

Copyright and Related Rights Act, 2000

Taoiseach Micheál Martin has said any supports to help businesses affected by US tariffs needs to be “financially sustainable” in the medium and long-term.

He was responding to calls for the introduction of a wage subsidy scheme in response to the tariffs.

During Leaders’ Questions in the Dáil, Labour leader Ivana Bacik asked the Taoiseach what measures are being considered to protect people whose jobs may be at risk.

Ms Bacik said the reality is the tariffs crisis means “workers are facing the dreaded prospect of possible job losses” and of “contracts being paused or cancelled due to uncertainty”.

Describing US President Donald Trump’s tariffs policy as being “drawn on the back of a napkin”, Ms Bacik said the Government should consider introducing a wage subsidy scheme to protect people working in Ireland who are at risk.

However, while acknowledging the situation, the Taoiseach said: “There’s some distance to travel here yet in terms of tariffs and trade wars” and that it is important to “give [the EU] the opportunity to negotiate”.

Mr Martin said “whatever we do has to be financially sustainable”, and that Ireland needs to ensure there is “some sense of where this settles, if it settles at all” before introducing any longer-term measures.

On Sunday, Minister for Finance Paschal Donohoe said he is not currently considering a wage subsidy scheme.

Speaking on RTÉ’s This Week, Mr Donohoe said supports similar to those introduced during Covid-19 are not appropriate now.

“I don’t believe an economy-wide wage subsidy scheme in the way we had during the Covid pandemic would be appropriate,” he said.

Mr Martin earlier said it was “imperative” that negotiations start soon with the US on tariffs amid concerns of a possible recession “unless some developments” can be made.

China, he said, has responded “very severely” to US tariffs but added that Europe so far has taken the right strategy with a moderate response.

He said the EU has countermeasures which it does not want to deploy but has the capacity to if necessary.

The Taoiseach said he has been speaking with several US companies in recent days, including in the pharma sector, and they are “very anxious” for some sort of negotiated deal between the US and European Union.

‘No winners’ with tariffs or trade wars, says Tánaiste

Tánaiste Simon Harris has said “there are no winners when it comes to tariffs, there are no winners when it comes to a trade war,”. The comments come as he is due to travel to the US to hold meetings with officials in the Trump administration.

The Minister for Foreign Affairs said there are people on standby in the EU ready to travel to the US to negotiate.

Speaking as he arrived at Government Buildings, where he updated Cabinet colleagues on his engagement with EU trade ministers in Luxembourg yesterday, Mr Harris said he was very pleased with EU unity on trade and tariffs.

He said good progress was made to “protect key industries that there were particular concerns in relation to”.

When asked to clarify these industries he said it is a matter for the European Commission, but referred to particular concerns around the drinks and dairy sector.

He said he wants to be very clear that there are no winners, but he is satisfied good progress has been made on mitigating risks to some key sectors here.

The Tánaiste said so much has been lost already in terms of turmoil on the stock markets.

He said everyone tends to look at tariffs from their own interests, but the reality is “if you start to see a trade war that drags down the global economy” it’s going to have major consequences in general on everyone’s economic growth in terms of jobs and investment.

“That’s what we have to avoid at all costs. This level of uncertainty, this level of financial turmoil simply can’t be sustained by any economy including, respectfully in my view, the US.”

During his visit to the US, he plans to promote the importance of free and fair trade and said it is about sitting around the table and not about “slapping tariffs” adding that “our job is to be mature, measured and calm in how we respond to this”.

Mr Harris is travelling to Washington later for a series of meetings with congressional figures and senior administration representatives, including Commerce Secretary Howard Lutnick.

The Tánaiste is hoping his second US visit in as many months will ensure that the lines of communication are kept open at a difficult time, and that he will make the case for a negotiated solution to trade issues.

Mr Harris said he intends to set out European efforts to get to a place of negotiation, adding that if people get around the table then a way forward can be found.

He is due to meet Mr Lutnick, a firm supporter of US tariffs, as well as a number of senior politicians on Capitol Hill.

In his discussions, Mr Harris intends to outline Ireland’s standpoint on the impact of potential tariffs on pharma, as well as taking the opportunity to discuss international developments and Northern Ireland.

Minister for Agriculture Martin Heydon will also be in Washington for a meeting with the US Agriculture Secretary about the impact of Mr Trump’s tariffs on Irish agricultural exports.

He will also meet the assistant US Trade Representative for Europe and the Chair of Senate Agriculture Committee.

Last year, Irish food and drink exports to the US were worth almost €2 billion, according to Bord Bia.

Article Source – Tariff supports have to be ‘sustainable’ – Taoiseach – RTE

Copyright and Related Rights Act, 2000

European and Asian stocks extended a slide on Wall Street this morning as President Donald Trump pressed ahead with whopping 104% tariffs on Chinese goods, pummelling oil prices to four-year lows as global recession fears gripped financial markets.

London’s FTSE index had dropped 2.2% in opening trade, while the Paris CAC was down 2.8% and the Frankfurt DAX lost 2.4%

Dublin’s ISEQ index was also lower in opening trade, falling by almost 3% with AIB and Bank of Ireland seeing big losses.

Tokyo’s Nikkei index closed with losses of 3.9% after rallying 6% yesterday on hopes that Tokyo may get some trade deal with the US.

Overnight, Washington confirmed 104% duties on imports from China would take effect after midnight.

The shifting headlines on tariffs and the spectre of a prolonged trade war between the world’s two biggest economies sparked sharp volatility in financial markets.

The S&P 500 was swept up in one of the biggest reversals in at least the last 50 years, with the benchmark index losing 4.2 percentage points from a positive start to a negative finish.

The index has lost $5.8 trillion in stock market value, the deepest four-day loss since it was created in the 1950s.

Early in Asia, S&P 500 futures fell 1.5% while Nasdaq futures dropped 1.7%.

China’s blue chips slipped 1.2% while Hong Kong’s Hang Seng index tumbled 3.1%. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.7%.

President Trump last night said China was manipulating currency to protect against tariffs, but he thought China would make a deal at some point.

“US and China are stuck in an unprecedented, and expensive, game of chicken, and it seems that both sides are unwilling to back down,” said Ting Lu, chief China economist at Nomura.

“Given the extraordinarily fluid situation, it is impossible to reasonably estimate the impact of the ongoing US-China trade war on China’s economy,” he added.

Analysts at JPMorgan believed the rapid escalation with US tariffs on China were disruptive enough to push the global economy into recession.

Other stock markets in Asia were also deep in the red. Taiwanese stocks also fell 1.7% even though the government activated a $15 billion stabilisation fund.

In currency markets, safe-haven currencies like the yen and Swiss franc found some more love, with the dollar skidding 0.6% to 145.36 yen and down 0.5% to 0.8430 Swiss franc.

The kiwi rose 0.3% to $0.5550 after the Reserve Bank of New Zealand cut interest rates by 25 bps to 3.5%, although it cautioned about downside risks to the local economy from global trade barriers.

Oil prices dived over 4% today on concerns about demand from China. Brent futures plunged 3.9% to $60.36 a barrel, while US crude futures also tumbled 4.4% to $56.96 per barrel.

Gold struggled to regain its upward momentum and was last down 0.2% at $2,03976 per ounce, about the lowest in a month.

Article Source – Stocks tumble again as US hits China with 104% tariffs – RTE

Copyright and Related Rights Act, 2000

Oil prices fell for a fifth day to their lowest since February 2021 today on looming demand concerns fuelled by an escalating tariff war between the US and China, the world’s two biggest economies, and a rising supply outlook.

Brent futures dropped $1.39, or 2.21%, to $61.43 a barrel early this morning. US West Texas Intermediate crude futures fell $1.50, or 2.52%, to $58.08.

Both contracts lost as much as 4% before paring some losses.

Both Brent and WTI have tumbled over the five sessions since US President Donald Trump announced sweeping tariffs on most imports sparking concerns a global trade war would dent economic growth and hit fuel demand.

Trump’s 104% tariffs on China kicked in overnight, adding 50% more to tariffs after Beijing failed to lift its retaliatory tariffs on US goods by a deadline yesterday set by Trump.

Beijing vowed not to bow to what it called US blackmail after Trump threatened the additional 50% tariff on Chinese goods if the country did not lift its 34% retaliatory levy.

“China’s aggressive retaliation diminishes the chances of a quick deal between the world’s two biggest economies, triggering mounting fears of economic recession across the globe,” said Ye Lin, vice president of oil commodity markets at Rystad Energy.

“China’s 50,000 bpd to 100,000 bpd of oil demand growth is at risk if the trade war continues for longer, however, a stronger stimulus to boost domestic consumption could mitigate the losses,” she said.

Exacerbating oil’s decline was a decision last week by OPEC+, which groups together the Organization of the Petroleum Exporting Countries and allies including Russia, to hike output in May by 411,000 barrels per day, a move that analysts say is likely to push the market into surplus.

Goldman Sachs now forecasts that Brent and WTI could edge down to $62 and $58 per barrel by December 2025 and to $55 and $51 per barrel by December 2026.

As oil prices sank, Russia’s ESPO Blend oil price fell below the $60 per barrel Western price cap level for the first time ever on Monday.

In one positive sign for demand, data from the American Petroleum Institute industry group showed US crude inventories fell by 1.1 million barrels in the week ended April 4, compared with expectations in a Reuters poll for a build of about 1.4 million barrels.

Official inventory data from the Energy Information Administration is due later today.

Article Source – Oil falls to lowest since February 2021 as Trump’s tariffs take effect – RTE

Copyright and Related Rights Act, 2000

New figures today show that take-home grocery sales in Ireland increased by 3.4% over the four weeks to March 23 compared to the same time last year.

Kantar said this marks the slowest market growth rate since November 2022, despite St Patrick’s Day celebrations and Pancake Tuesday falling during the period under review.

Kantar also noted that the average volume per trip continued to fall by 2.9% in March as shoppers continue to prefer to shop little and often.

Today’s figures also show that grocery price inflation stands at 4.52%, up 1.16 percentage points compared to the same 12-week time last year.

Emer Healy, Business Development Director at Kantar, said the continued rise in average prices is contributing to a slowdown in sales, having a marked impact on consumer habits.

She said that with a combination of higher grocery prices and rising household costs, supermarkets are focusing on promotions to attract shoppers both in-store and online.

“Promotional sales increased in the latest 12 weeks with shoppers spending an additional €99m on promotional lines compared to the same period last year,” Emer Healy said.

Promotional sales currently hold 23% of total grocery spending compared to just 19% during the same time last year.

She also said that retailers are pushing own label products as an alternative to brands, with own label sales jumping by 4.5% compared to last year by 4.5%.

Shoppers spent an additional €71.9m on these ranges, accounting for 47.6% of all value sales.

Despite a late Easter this year, Kantar said that St Patrick’s Day and Pancake Tuesday helped boost seasonal sales. Shoppers spent an additional €6.8m on beer, spirits and wine combined, along with an extra €590,000 on hot cross buns, pancakes, sugar and sweet spreads, compared to last year.

Sales off fish were also up as shoppers spent an additional €930,000 on fresh fish and ready meals combined.

Meanwhile, online sales rose 10.8% year-on-year, with shoppers spending an additional €20.8m. Over the 12-week period, shoppers purchased their groceries more often online, up 11.4%.

Supermarkets’ market share

Over the latest 12 weeks, Dunnes held a 24.4% market share, with sales growth of 6% year-on-year.

Kantar said that Dunnes shoppers picked up more volume per trip, with the strongest increase compared to the other retailers, up 1.9% on last year, which contributed a combined €15.6m to its overall performance.

Tesco holds 23.2% of the market, with value growth of 6% year-on-year. Shoppers increased their trips to store, which contributed €33.6m to overall performance.

SuperValu holds 20.2% of the market with growth of 5.4%. Consumers made the most shopping trips to this grocer, averaging 24.5 trips over the latest 12 weeks. This increase in the number of shopping trips alongside new shopper arrivals contributed an additional €44.4m to its performance.

Meanwhile, Lidl holds an 13.5% market share up 4.7%. Larger trips drove an additional €3.3m in sales, while Aldi holds an 11.6% market share, up 4.9% as increased trips drove an additional €13.9m in sales.

Article Source – Grocery sales in Ireland increase by 3.4% in March – RTE

Copyright and Related Rights Act, 2000