We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. The latest snapshot from the retail industry body showed food price inflation accelerated to 15.7% in April, up from 15% in March.
However, analysts said costs may have peaked and should start to come back down over the coming months. The call for an investigation comes as figures from the British Retail Consortium show food price inflation soared to the highest level on industry records in April. Ken Murphy, the Tesco chief executive, said the retailer was “robustly challenging every cost increase” with suppliers and had not passed on all its additional costs to shoppers.
Tesco recorded profits of £753m last year, half the level a year earlier. Chief executive Simon Roberts said the retailer’s profit margins had slipped from 3.4% to 2.99% amid the impact of rising costs, while arguing it was “absolutely determined to battle inflation for our customers”. Last week, Sainsbury’s announced profits of £690m for the year to 4 March, beating expectations. A similar investigation into petrol prices was launched last year. The Lib Dems said the CMA should investigate reports that food producers and supermarkets could be unfairly using their market power to inflate their markups and raise prices even further. The UK’s biggest supermarkets have made billions of pounds in profits between them over the past year, drawing sharp criticism from union leaders who say supermarket bosses are gouging customers to benefit from “greedflation” – when firms exploit high inflation to create excessive profits. That means cracking down on profiteering by food multinationals and the big supermarkets so customers get a fair deal,” he said. “We need to bring soaring food prices back under control and offer relief to families. Large grocers have reported a drop in profits in recent weeks, but experts have said more could be done to help shoppers struggling with rising prices. Analysis by the Lib Dems showed the cost of a typical weekly shop has now risen by nearly £12, or £604 in the space of a year.ĭavey criticised supermarkets for raking in millions of pounds in profits while food inflation has soared.
Government figures show food and drink prices rose by almost 20% in the year to March, the fastest annual rate since 1977.
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