Representatives of the country's major supermarkets are to gather for a special meeting of the Retail Forum next Wednesday.
The session has been convened by the Minister of State with responsibility for Retail Business, Neale Richmond, over concern in relation to high food prices.
Over the past few weeks, the issue of food inflation has risen up the political agenda, with accusations from Opposition parties that the Government is not doing enough to address the problem.
Speaking to RTÉ's The Week in Politics, Mr Richmond said that the meeting will be about engaging with the sector, but he also expressed concern that food prices have increased way beyond general inflation.
"Inflation this time last year was running at about 10%, it's down to 5% now, we should be seeing prices coming down. We're very worried that they haven't, and we want to engage openly and honestly with the retail sector", he told the programme.
Mr Richmond warned that the Government has the power to impose price caps, although he hopes that such a measure will not be necessary.
He also pointed to the ability of the Competition and Consumer Protection Commission to investigate to see if any monopolies or "cartel-like behaviour" is present in the Irish retail sector.
Meanwhile, Retail Ireland has insisted that Irish supermarket prices remain competitive by European standards.
It says average food inflation over the past two years across the European Union stands at 27%, while in Ireland it is 17%.
Director of Retail Ireland Arnold Dillion has described accusations of "greed-flation" being present in the retail sector as "unfair and inaccurate".
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"When we look at the EU 15, countries similar in their composition to the Irish economy, Irish food inflation is at the very lowest end of the spectrum", he said.
Next week the Dáil will also vote on legislation related to a new Agri-food Regulator. Its aim is to identify and levy fines of up to €10m on operators engaging in unfair trading practices.
Social Democrats Leader Holly Cairns said that the new regulator lacks teeth, and transparency in the retail sector is needed.
"If you zoom out and look at the system that we have at the moment, the taxpayer, you and I, everybody, subsidises the cost of food because all farmers get a subsidy to produce food from the Department of Agriculture.
So, when you subsidise it at that level, the supermarket buys it at the reduced cost thanks to the taxpayer. Then we don't know what happens in between there and when we get to the customer", she said.
