Three-quarters of customers would again value caps on grocery store necessities to curb hovering prices.

An unique survey for the Sunday Express discovered widespread help for measures to regulate the price of meals and different very important merchandise.

It comes because the Competition and Markets Authority begins an inquiry into whether or not retail giants are profiting from the cost-of-living disaster on the expense of consumers.

The investigation was backed right this moment by John Glen, the Chief Secretary to the Treasury.

He mentioned: “The Chancellor and I have met with producers and retailers to discuss the cost of food and we have been working with the competition watchdog to make sure pricing is fair for customers.”

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Mr Glen added: “We want fully stocked supermarket shelves, stable pricing and more money to support people with the cost of living.”

However, he mentioned the Government wouldn't impose obligatory value caps that risked inflicting shortages.

Downing Street is known to be urging retailers to cost the ­lowest potential quantity for staples reminiscent of bread and milk voluntarily.

But a survey by Omnisis suggests there could be help for harder measures, with 73 p.c saying the Government ought to introduce “price caps on essential goods”. The thought was opposed by 17 p.c.

The CMA is to interrogate meals business suppliers and retailers this month and can publish a report in late July.

In a letter to bosses, it mentioned: “We have seen no evidence at this stage of specific competition problems but, given ongoing concerns about high prices, our aim is to ensure competition is working well and people can exercise choicewith confidence.”

MPs have raised considerations about hovering prices, with Lichfield Tory Michael Fabricant warning: “We have to ensure supermarkets do not take unfair advantage and excess profits from wholesale prices.”

The Government has sought to quash solutions that it might impose pricing controls just like these launched by former Prime Minister Edward Heath within the Nineteen Seventies.

Despite this, the thought of controls has confronted a backlash from retailers.

Asda chairman Stuart Rose, a former boss of Marks & Spencer, has warned ministers of “unintended consequences”, saying: “You can’t interfere in the markets, the markets will control themselves.”

Food inflation is working at 15.4 p.c within the yr to May, in response to a survey by the British Retail Consortium and Nielsen.

It means a £20 meals invoice a yr in the past is now a bit of over £23.