Supermarkets to Introduce Voluntary Price Caps on Basic Foodstuffs Amidst Cost of Living Crisis

The plan would not involve government-imposed price controls, but would allow retailers to select which items they would cap and participate on a voluntary basis, similar to a similar agreement in France.

The plans come after Chancellor Jeremy Hunt backed interest rate hikes to combat soaring inflation.

Food prices have already increased by 19.1% in the year to March, placing additional pressure on families.

The BRC, a trade association including Tesco, Iceland, Asda, Sainsbury's, Waitrose, Ocado, Morrisons, Booths, Aldi, and Ocado among its members, has criticized the pledge as "meaningless" and stating that prices "couldn't" come down any more as "there's no money left in the supply chain."