More than half of the State's retailers say the introduction of the euro will result in an increase in prices. The increase will be in excess of 5 per cent, according to 15 per cent of those surveyed recently. Some 17.5 per cent say the increase will be between 3 and 5 per cent, while 35 per cent estimate that it will be between 2 and 3 per cent.
However, many retailers intend to absorb the price increase themselves - 83 per cent say they will incur "major" or "significant" costs as a result of the changeover to the single currency.
In the survey, conducted by Checkout magazine in August, only 57 per cent of retailers say they consider themselves "somewhat prepared" for the introduction of the euro, while 10 per cent have made no preparations whatsoever for the change that comes into effect on January 1st.
Retailers believe they will take a hit financially and intend to put pressure on the Government to compensate them.
The survey shows that more than 54 per cent of retailers believe that, in the short term, the changeover will have a negative or very negative effect on their business.
Ms Ailish Forde of RGDATA, the retailers organisation, says that retailers are being forced into the role of bankers with the changeover and they are being asked to bear the attendant costs.
