The current cost-of-living crisis across the UK has been replaced by a cost-of-greed crisis, according to Scottish National Party (SNP) MP Stephen Flynn.
Speaking during Prime Minister Question’s in the House of Commons today (Wednesday, May 24), the Westminster leader of the SNP asked Rishi Sunak if he believes retailers could be doing more to alleviate cost pressures for consumers as inflation remains at a “near-45-year high”.
Citing the latest figures on consumer price inflation published by the Office for National Statistics (ONS) today, he said:
“We learned today that the prices of milk, cheese and eggs are up 29%. The price of pasta is up 27%. The price of a loaf of bread [by] 18%.
“Does the Prime Minister agree that this is no longer just a cost-of-living crisis, this is a cost-of-greed crisis?”
In his response, Sunak told Flynn that he was “right to highlight the impact of food inflation” as it is “too high”.
And while he welcomed today’s ONS headline was that food inflation had fallen to 8.7%, he reiterated Chancellor of the Exchequer, Jeremy Hunt’s, statements on Twitter earlier today that it does not mean “we should not get complacent”.
Today’s fall in inflation to 8.7% – the lowest rate in over a year – shows we’re on the right track, but there is no room for complacency.
The IMF said yesterday we have acted decisively to tame inflation, but there is still work to be done – especially on food prices.
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— Jeremy Hunt (@Jeremy_Hunt) May 24, 2023
Sunak highlighted Hunt’s recent meeting with members of the Competition and Markets Authority (CMA) to address what retailers can do to help ease inflationary prices for consumers, concluding that the government is “doing everything we can to manage the challenges of the cost of living”.
Hunt confirmed yesterday (Tuesday, May 23) following the meeting with the CMA that the government stands ready to update pricing rules and guidance on the back of the CMA’s review of unit pricing.
Food inflation
Chief executive of the British Retail Consortium (BRC) Helen Dickinson, has said that government should avoid “creating unnecessary new regulatory burdens” that would make food inflation worse.
“From new packaging costs and a deposit return scheme, to new Windsor Framework labelling and food advertising regulations, the government would do well to minimise the cost-impact of new policy initiatives,” she said.
