Firms may be hiking prices beyond inflation - Tesco boss

Some food firms may be using inflation as an excuse to hike prices further than necessary, the chairman of Tesco has said. Inflation, which measures the rate of price rises, fell to 10.5% in the year to December from 10.7% in November - but remains at levels not seen for 40 years. Food prices rose 16.8% in the year to December, said the Office for National Statistics. Consumer group Which? has also been tracking how much major retailers have put up their prices compared with their competitors. Which?'s supermarket food and drink inflation tracker records the annual price rises of tens of thousands of food and drink products across three months at eight major supermarkets - Aldi, Asda, Lidl, Morrisons, Ocado, Sainsbury's, Tesco and Waitrose.

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