According to a No 10 source, the current proposals are still in the early stages. While recognizing that supermarkets operate on slim profit margins, the source mentioned ongoing discussions with retailers to identify measures that can be taken to lower prices for consumers.
In March, the French government made a deal with retailers to reduce prices, aiming to establish an “anti-inflation quarter” from April to June. Due to record food inflation of 15%, the initiative has been extended for another quarter. However, Bruno Le Maire, the finance minister, has warned that if retailers refuse to further lower prices, the government may increase taxes on them to recover the profits made at the expense of consumers.
In April, UK inflation fell less than anticipated, with consumer prices increasing by 8.7% annually, down from 10.1% in March. Currently, the UK shares the highest inflation rate among the G7 countries, along with Italy. As a response, three former Bank of England rate-setters have cautioned that interest rates, now at 4.5%, may need to rise as high as 6% to combat inflation effectively.
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