UK supermarkets deny profiteering from high food prices
UK supermarkets have denied accusations of profiteering from high food prices, with Sainsbury's CEO Simon Roberts stating that the company has made less money to keep prices down. The Competition and Markets Authority (CMA) has announced it will investigate the grocery market, but has stated that global factors have been the main driver of grocery price increases. Food and drink price inflation hit 19.2% in the year to March, almost twice the overall rate of 10.1%.