Change exchange

Eamonn Byrne sent us a mail with an interesting question. He wants to know why we are not seeing reduced prices in our shops as a result of the spectacular appreciation of the euro against sterling in recent months. “There is a huge amount of our everyday groceries sourced in the UK. I cannot see any evidence of prices falling in my local Superquinn. I’m sure it’s the same in Tesco, Dunnes etc,” he writes. “The same is true in British shops such as M&S, Next, Debenhams. At best the exchange rate will be £0.67 to €1 but can be close to £0.50 in places like Claire’s Accessories,” he says.

“Up until a few months ago the exchange rate was £0.67 to €1. Now it is almost £0.77. This is a difference of around 14 per cent. The euro continues to rise, when is this going to translate into reduced prices?” he asks. “The public need to be made aware that the retailers are not passing on the savings. If the rate was going the other way, we’d get a much faster response.”