Fine Gael want the public to report rip-off merchants to its new consumer-awareness website ripoff.ie.
The site will be monitored by Fine Gael officers who will refer recurring complaints to their public representatives who will take up the issue with relevant bodies or the Government.
The party is also threatening to 'name and shame' companies who top online price surveys which will be published on the site.
Party leader, Mr Enda Kenny, said at the launch of the site said that Ireland would have the highest cost of living in the EU by the end of the year. He blamed high retailer mark-ups, stealth taxes and a lack of regulatory reform - particularly in banking, insurance and the legal profession.
"The ordinary, hard-pressed consumer needs a louder voice arguing its cause," Mr Kenny said.
Ripoff.ie's first campaign will target the insurance industry. Spokesman on enterprise and employment, Mr Phil Hogan, said greater competition and more urgency on implementing the recommendations of the Motor Insurance Advisory Board was required to bring costs down.
"Insurance is one area where action by the Government here could improve competitiveness and save jobs," Mr Hogan said.
Among Fine Gael's proposals for reducing such costs is the creation of a single EU-wide insurance market.