INISHOWEN retailers have “bitten back” against recent media claims that the area is in an economic slump.

Claims that the value of the euro currency is at an “all time high” and denting trade in Inishowen have left business traders outraged.

Reacting to the view Inishowen is suffering from high soaring living costs, Declan Glackin from Canny and Doherty SuperValu said the implications are “severely destructive”.

He said: “The news that the euro is suffering from a poor exchange rate as highlighted by media in recent days will only serve to push spenders over the border.”

It’s thought that price increases on essentials including fuel, milk, bread and eggs have forced Inishowen residents to curb their shopping in the peninsula.

Fears are customers are heading north to do their weekly shop at major supermarket chains for in-store deals.

Mr Glackin said: “Everyone is undoubtedly feeling a bit of a pinch but exaggerating the situation will only drive more home shoppers away.”

Recent statistics revealed the value of the pound to the euro plummeted from being worth 1.48 just a few months ago to its recent figure of 1.27.

Lydia Carlin, owner of Simpsons in Carndonagh also called for fearmongering to stop.

She said: “I think most retailers here were angered at the inaccuracies of the media report as it didn’t compare like with like.

“The news piece was inaccurate and misleading as it did not mention brands of products.

“In our own market research we found that branded products in our shop are very competitive with those in Northern Ireland.”