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The Liberal Democrats have called on the Competition and Markets Authority (CMA) to investigate “profiteering” supermarkets after food price inflation hit a record high in April.
According to The Guardian, analysis by the Lib Dems found that the cost of a typical weekly shop has risen by nearly £12, or £604, within the last year.
In light of this, Lib Dem leader Ed Davey has criticised supermarkets for reporting high profits despite record-high food inflation and the cost-of-living crisis.
He told The Guardian: “We need to bring soaring food prices back under control and offer relief to families. That means cracking down on profiteering by food multinationals and the big supermarkets so customers get a fair deal.”
The party is now calling on the CMA to investigate reports that supermarkets could be “unfairly using their market power to inflate their markups and raise prices even further”.
It comes as the ONS reported that prices of food and non-alcoholic drinks rose at the fastest rate in over 45 years in the 12 months to March 2023.
The annual inflation rate in this category was 19.2%, up from 18.2% in the year to February 2023.
The largest contributor to the rise in food inflation was bread and cereals, where average prices rose by 19.4% in the year to March 2023.
