Tesco’s chairman has claimed food suppliers may be using inflation as an excuse to raise prices further than necessary as the cost of household staples soars.
John Allan said in a BBC interview yesterday that it was “entirely possible” that food suppliers and manufacturers were needlessly putting up prices.
When asked by the BBC’s Laura Kuenssberg if he thought companies were “taking the mick” out of consumers with recent price hikes, Mr Allan replied: “I think that’s entirely possible… they may well have.”
He added: “I can’t be definitive because I haven’t seen their cost structures.”
Office for National Statistics data suggest food prices are 16.8pc higher than in January 2022. Staples such as milk, eggs and cheese have seen the biggest price increases over the past year, although bread and cereals have reduced slightly according to the BBC.
Supermarkets say they are trying to limit their price increases despite high inflation rates, which typically cause lower consumer confidence.