Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Answer of 4 July 2023 to Question 191405 on Pay, if he will make an assessment of the potential implications for his policies on tackling the cost of living of the findings in the Competition and Markets Authority report entitled Price inflation and competition in food and grocery manufacturing and supply, published on 29 November 2023.

Bringing down inflation remains a government priority. UK food price inflation has been driven largely by global factors including a spike in energy prices and international agricultural prices.

However, UK food price inflation has already fallen from 19.6% in April 2023 to 10.1% in October 2023 and external forecasts expect it to continue to fall. Across the economy we have halved inflation from 10.7% in late 2022 down to 4.6% in October 2023.