Groceries have risen at their fastest rate in over 45 years, increasing year-on-year to 19.2 per cent in March – up from 18.2 per cent in February.
The Competition and Markets Authority (CMA) said it had no evidence of specific concerns “at this stage” but that it was “important to be sure that weak competition is not adding to the problems.”
“Given ongoing concerns about high prices, we are announcing the stepping up of our work in the grocery sector to understand whether any failure in competition is contributing to grocery prices being higher than they would be in a well-functioning market,” it said.
The move comes as Downing Street hosts a “food summit” today despite abandoning plans for a horticulture strategy to reduce reliance on imports and episodes of empty shelves.
Last week, the Bank of England said food prices have stayed higher for longer than expected, partly due to Russia’s war in Ukraine and poor harvests in some European countries, ramping up the cost of living for households.
Bu hikaye The Independent dergisinin May 16, 2023 sayısından alınmıştır.
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Bu hikaye The Independent dergisinin May 16, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
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