Morrisons and M&S latest to cut price of basics
Meanwhile last week, Asda froze the prices of more than 500 products until the end of August.fastest rate in 45 yearsThe Competition and Markets Authority has launched an investigation into high food and fuel prices, saying it will look at whether a "failure in competition" meant customers are overpaying.But grocers have denied profiteering, with the British Retail Consortium saying stores are working to keep prices "as low as possible".
Retailers say they have faced higher wholesale food prices and energy bills due to the conflict in Ukraine, as well as demands from workers for higher wages, all of which has driven up their costs. They also say there is usually a lag before falling wholesale prices are reflected in the shops due to the long-term contracts retailers sign with food producers.
Last week, the boss of Tesco said there were "encouraging early signs" that price rises are easing as the retail giant reported higher sales. He told shareholders at the company's annual general meeting that the "headline" food inflation figure was "dramatically lower" at Tesco in terms of the "true" prices customers face.
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