The CMA also agreed to “further scrutinise” the food supply chain as part of efforts to help shoppers pay fair prices, the Treasury said. Ofcom said it will “take action to push suppliers” to put customers first as prices fall and profits return following the meeting. Shortly after the Treasury published details of the Chancellor’s meeting, Mr Hunt spoke to Conservative MPs about the UK economic situation. It followed official figures last week that showed Consumer Prices Index inflation failed to ease as hoped in May, remaining at 8.7%. The Bank of England subsequently raised interest rates to a 15-year high last week in a shock move designed to tame inflation.

Source: The Times June 29, 2023 05:12 UTC