€40m shoplifting surge to result in price increases

PRICES are set to increase as a direct result of a surge in shoplifting, with more than €40 million expected to be stolen during this Christmas shopping period alone.

According to the Irish Small and Medium Enterprises Association (ISME) shoplifting will cost retailers in excess of €200m this year with 20% of this figure stolen during the festive season.

It estimates that businesses are forced to add as much as 3% to the price of a product as a result of shoplifting.