Inflation or ‘greedflation’

Linda Hall

THE UK’S Competition and Markets Authority should investigate whether supermarkets were profiteering, Liberal Democrat Ed Davey said.

Industry statistics revealed that food price inflation shot up to a record high of 15.7 per cent in April, adding to pressure on households countrywide, Davey claimed.

According to government figures, food and drink prices rose by almost 20 per cent in the 12 months ending in March, the fastest annual rate since 1977. Lib Dem analysis also showed that a typical shop had risen by almost £12 (€13.6) a week in the last year.

Supermarkets have raked in bil ­ lions of pounds in profits, Davey maintained, and although the biggest grocers recently reported falling profits, experts said more could be done to help struggling shoppers.