The issue of high food prices continues to perplex the government, with Chancellor of the Exchequer, Jeremy Hunt, stating in a press release from the Treasury: “We need to understand what’s driving that”. In an effort to combat this problem, Hunt recently met with the Competition and Markets Authority (CMA), the country’s watchdog, who pledged to further examine grocery prices in light of the price hike the country saw in March.
Low-income households tend to bear the brunt of food inflation, as they spend a larger percentage of their income on food and cannot afford to substitute cheaper alternatives. To address this, the government plans to consider updating pricing rules upon completion of the CMA review.
This topic was also discussed at a food summit hosted by Prime Minister Rishi Sunak, during which industry experts met to discuss strategies for boosting growth, innovation and sustainability. By working together in this way, we hope to alleviate the impact of high food prices on the public.
In conclusion, the government is taking concrete steps to address the situation of high food prices, collaborating with industry experts and watchdogs to find effective solutions.
