Greedflation: 'Entirely possible' that food brands are profiteering from price hikes, says Tesco chairman

Key Points

• British supermarket chain Tesco has warned that some food producers may be taking advantage of inflationary pressures, raising prices more than necessary.
• Chairman John Allan said it was "entirely possible" that some food firms are profiteering from inflation at the cost of some of the poorest consumers.
• But consumer group Which? has said supermarkets may be passing the buck, as the price of their own label foods rose at a greater rate than that of branded products in the last quarter.

Consumers have been feeling the pinch from higher food prices as inflation soars.

Nathan Stirk | Getty Images News | Getty Images

As inflation continues to push up grocery bills, supermarket chain Tesco has warned that some food producers may be taking advantage of the situation by raising prices more than necessary.

The chairman of Tesco, one of Britain's largest supermarket chains, said Sunday it was "entirely possible" that some food firms are profiteering from inflation at the cost of some of the poorest consumers.