Holly Cairns has said the Government has failed to stop "super profits" being made by energy companies, and the "greedflation" which is continuing with food prices.
The Social Democrats leader told the Dáil that energy companies are engaging in "obscene profiteering," given that wholesale prices have decreased by 41% but the prices have yet to fall for the residential sector.
The Cork South West TD contended the major food retailers were engaged in a "phoney battle" in which they were presenting an illusion of action by reducing prices on butter but, in reality, were "continuing to clean-up".
Ms Cairns said there was "no transparency" when it came to food prices and the regulators were "toothless".
She added that ministers "were wagging their fingers" at these companies, when the European Central Bank had concluded that corporate profits are now the main driver of inflation.
Tánaiste Micheál Martin rejected her contention that the regulators were toothless, adding there were agencies in place to "deal with the behaviour of companies".
He said the Government "does have to intervene" and has already responded with an "unprecedented" package of €12 billion.
The Tánaiste added that households received a third €200 electricity credit last month, and 1.3m pensioners, carers, and people with disability had received an additional €200 in social welfare payments.
Fall in energy prices by autumn – expert
Meanwhile, a member of the Climate Change Advisory Council said that energy customers are likely to see some decreases by the autumn in prices,
Economist John Fitzgerald said that prices will "fall back a bit", but that they will not return to 2019 levels.
Speaking on RTÉ's Morning Ireland, he said gas prices today are "probably three times" what they were four years ago, adding the price paid for imports does not look like it will come down.
Mr Fitzgerald also said that one of the problems is "we don't know to what extent companies have bought gas forward".
He said, for example, the ESB annual accounts show it has bought some energy three years in advance, which has fixed the prices.
He said there are "undoubtedly" exceptional profits being made.
"Where the money is being made is in generation and the ESB company generating electricity made €700 million."
He said the windfall tax, in this case, is the dividend and that will pay the €200 credit on peoples' bills, "so some of the money is coming back".
However, Mr Fitzgerald added that the long-term problem is that the "electricity market does not work well".
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"There are exceptional profits and you don't see the profits in the companies other than the ESB, but there are big profits among generators in Ireland and across Europe," he said.
He added that Spain and Greece are pressing for reform of the electricity market.
"It needs to come from Europe but the complication in the Irish case is we need Northern Ireland to agree," Mr Fitzgerald said.
"You also need a government in Northern Ireland before you reform the market."
