Zarah Sultana perfectly sums up how food inflation is driven by profiteering

"The soaring cost of your supermarket shop is their obscene profits."

Zarah Sultana MP

New figures from the Office for National Statistics have shown that inflation is at 10.1%. However, that’s only part of the picture. The cost of food and non-alcoholic beverages rose by a staggering 19.1% in the year to March 2023.

It has become clear over the duration of the cost of living crisis that a key factor in staggeringly high inflation has been corporate profiteering. The trade union Unite has found that in the first half of 2022 profits at FTSE 350 firms were 89% higher compared to the same period in 2019.

The Labour MP Zarah Sultana today clearly demonstrated the scale of profiteering and its role inflation.

She tweeted: “Last week Tesco announced it made £3,000,000,000 in profits over the past 2 years.

“Today food price inflation hit 19.1% – the highest in nearly 50 years.

“The soaring cost of your supermarket shop is their obscene profits.”

Perfectly put.

Chris Jarvis is head of strategy and development at Left Foot Forward

Image credit: UK Parliament – Creative Commons

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