Star comment: Consumers won't accept supermarkets being greedy at their expense

Morrisons, Asda, Tesco and Sainsbury’s recently collectively rejected calls of “greedflation”, telling MPs at the Business and Trade Committee that they were shielding customers from the full impact of rising costs.

The facts tell us different. Increased supermarket profit margins led to drivers paying an extra 6p per litre for fuel last year, according to the Competition and Markets Authority. Only now, after the issue was raised by the media, are prices at store forecourts starting to come down again.

The big stores have also stood accused of being happy to ride the wave of price increases brought on by eye-watering levels of food inflation, but then being slow to reduce prices when raw material costs start to come down. It has taken media attention, plus the scrutiny of commentators such as financial expert Martin Lewis, for them to take action.

Today, it is revealed Morrisons is to start stocking its own-brand budget food and household products in 500 of its convenience stores over the coming weeks. That should help shoppers who visit the smaller stores and who have to pay more for branded products.

Meanwhile, Iceland is offering proof that customers can be looked after while also enjoying growth and profit. It has frozen prices on many products, offered a pensioner discount and also joined up with a credit union to offer interest-free loans.

While forced to make savings through efficiencies and some closures, the store continues to be a shining example by attempting to mitigate the cost of living crisis for shoppers.