Chancellor Jeremy Hunt is set to meet with consumer watchdogs on Wednesday amid concerns that some retailers have been raising prices to boost profits during the current period of high inflation.
Retailers will face questions about failing to pass on lower costs to consumers, as Hunt meets with the Competition and Markets Authority (CMA), energy regulator Ofgem, water regulator Ofwat, and communications regulator Ofcom.
He is expected to discuss how the regulatory bodies can help curb inflation.
The historically high level inflation has proven more stubborn than expected, remaining at 8.7 percent in May, despite forecasts of a fall to 8.4 percent.
In its May report, the Office of National Statistics recorded falling prices for motor fuel and rising prices for food and non-alcoholic beverages….