US RETAIL giant Costco is still considering entering the Irish market, according to one of its executives.

John Eagan, vice-president and general manager, Costco Wholesale, told The Irish Times yesterday that colleague Jim Murphy, who's in charge of the US brand's international development, has been looking at the Irish market.

"We looked at it a few years ago, but I don't think we could get the permits then. As recently as within the last year, we have been back," said Mr Eagan, who was in Ireland to address a Bord Bia conference on the future of food markets yesterday.

Costco, which had sales of $63 billion (€40.8 billion) in its last financial year, is one of the world's biggest retailers and has a presence in over 20 countries. Along with another US giant, Walmart, it was one of a number of retailers that put limits on the sale of rice last week as the foodstuff's price rose on world commodity markets on fears of a shortage.

He said the company's information was that rice stocks are not under pressure, but that suppliers were simply sitting on them to boost prices as demand is high.

Mr Eagan said the group has seen increases of up to 40 per cent in the price of many staples, including rice, oils and any flour-based products over the last year, and said he expected consumers to see further inflation over the rest of the year.