Supermarkets say they are doing everything they can amid ‘profiteering’ quiz
The IndependentGet the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. But Mr Jones pressed: “How can it be possible that you are making hundreds of millions of pounds in additional profit?” Mr Gafa replied: “I’m referring to our latest accounts for 2022/23 so that may be the discrepancy.” We’ve spent £560 million on keeping prices low, battling inflation and are doing absolutely everything we can to keep prices as low as possible for customers Rhian Bartlett, Sainsbury’s food commercial director Sainsbury’s told the committee it was not passing all the costs of inflation in its supply chain to customers, as it too was quizzed over whether supermarkets are profiteering amid rampant food inflation. Rhian Bartlett, food commercial director at Sainsbury’s, told the Business and Trade Committee: “We are acutely aware about the cost-of-living impact on our colleagues and how difficult they are all finding it right now. I’m not sure what price caps would add to that process, other than bureaucracy Rhian Bartlett, Sainsbury’s food commercial director Asked about speculation about a cap, Ms Bartlett said: “This is fiercely competitive as a market. “So I think this market self-regulates to a positive extent, so we wouldn’t be in support of price caps.” Data from the BRC-NielsenIQ Shop Price Index suggested retailers are beginning to pass on lower wholesale costs, with food inflation easing for a second month running as supermarkets cut the price of household staples.
History of this topic
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CNN
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Associated Press
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Daily Mail
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The Independent
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Associated Press
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