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Rishi Snak and Jeremy Hunt accused supermarkets of threatening massive price crackdowns and profiting from high inflation.
Inflation remained high at 8.7%, forcing the Bank of England to raise interest rates by half a percentage point to 5%, the highest level in 15 years.
Supermarkets face crackdowns as prime minister, prime minister and Bank of England governor Andrew Bailey fear prices fail to reflect falling costs in energy and supply chains after worrying economic outlook I warned you.
Speaking at an event in Dartford, Sunak told IKEA employees: We monitor supermarkets to make sure they act responsibly and fairly. ”
Meanwhile, Hunt exchanged letters with Bailey against the backdrop of the central bank’s decision to raise interest rates, in which he expressed concern that supermarkets were trying to profit from high inflation.
Mr Hunt said in the letter: The government is focusing on measures to address rising costs in the food sector and will continue to engage with the food supply chain on potential measures to reduce pressure on consumers.
“Next week, I will be meeting with regulators to discuss how to ensure that lower input costs are passed on to consumers. We will discuss how we can go further to do so.”
That comment was echoed by Bailey, who used his letter to warn that some companies were starting to increase their profit margins, spurring higher prices.
“We have to get inflation back on target and we will get inflation back on target,” Bailey told the BBC.
“For that reason, wage increases cannot continue at the current level. And companies cannot try to restructure their profit margins, which means prices will continue to rise at their current rates.”