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Rishi Sunak is reportedly considering plans to ask retailers to cap prices on basic foods in an effort to reduce food inflation, The Sunday Telegraph reported.
After a sharp increase in the cost of living brought on by the war in Ukraine, Sunak has urged the Treasury to find measures to bring prices down.
The report also stated that his goal is to reduce inflation by half to 5% by the end of 2023.
Sunak’s plan is similar to the one in France, where retailers have pledged to freeze prices in a bid to create an “anti-inflation quarter”.
The most recent statistics show that inflation has decreased from 10.1% to 8.7% since Sunak’s vow.
However, supermarkets and ministers are worried that he has become a “hostage to fortune” and have raised doubts about the scheme.
The news comes as the British Retail Consortium (BRC) has revealed that food inflation has decreased for the first time this year to 15.4% in May, down from 15.7% in April.
