Executives from four of Britain's biggest grocers were quizzed over rising prices and whether they are using inflation as an excuse to boost their profits. They were also asked about the potential for price caps on some foods to help protect shoppers from spiralling costs.
But bosses from Tesco, Sainsbury's, Asda and Morrisons mounted a staunch defence of the sector, insisting it remains "fiercely competitive". The representatives said they had not passed on all the costs of supply chain inflation to their customers, absorbing some of the shock in a hit to their own profits.
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