Inflationary pressures impact food and drink sector
Irish food and drink businesses are experiencing inflationary pressures across most cost headings, according to Food Drink Ireland (FDI) the Ibec group representing the food and drink sector.
FDI surveyed member companies in July to assess the extent and impact of input cost increases.
It found that these increases were due to a combination of macro external factors including Brexit, Covid-19, supply chain constraints and raw material inputs.
The survey found that the majority of food and drink companies experienced substantial increases across a range of inputs over the last 12 months.
Paul Kelly, FDI Director said respondents expect a continuation of inflationary trends in the months ahead and said this would impact on margins and competitiveness in export markets.
Mr Kelly called for a range of measures to offset these impacts including a rapid roll out to the sector of funding from the Brexit Adjustment Reserve, and a renewed focus across Government on reducing the cost of doing business in Ireland.