Jeremy Hunt wants regulators to check consumers are paying fair prices for goods and services as part of efforts to bring inflation down.
He also warned millions of public sector workers that future pay rises could be blocked for fear of stoking inflation further.Chancellor 'agrees measures' with banksAdvertisementThe challenge was laid bare in a trading update by the owner of Primark which reported booming UK sales for the fashion retailer during its third quarter to 27 May.
Finance director Eoin Tonge told the Reuters news agency he was"cautiously optimistic" that consumers would continue to show resilience in the face of"doom and gloom" economic commentary. Mr Hunt's call for regulatory scrutiny of corporate profitability in the economy follows previous remarks by Mr Bailey that food producers, rather than supermarket chains, were not passing on falling wholesale costs., which is due to report next month, there are concerns about whether falling commodity and diesel costs are filtering down following the Russia-Ukraine war shock.
On the flip side, Brexit has added to labour costs through a shortage of workers while companies also bemoan high energy and tax bills. Mr Hunt will meet the CMA, as well as Ofgem , Ofwat , and Ofcom to ask what they are doing about skyrocketing prices.
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