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UK government fixing food prices would push grocers into cartel behavior, Asda chairman says

( May 30, 2023, 13:52 GMT | Official Statement) -- MLex Summary: UK grocers would be pushed into cartel behavior if food prices were fixed, the chairman of Asda has said, following reports that the government is in discussions over applying caps. "Starting to try to manipulate or control markets is not going to be effective," Stuart Rose told the BBC. Fixing prices "actually would be counterproductive, because if you say you're going to fix the price — and suppose then you could actually [offer a certain product] cheaper and you'd agree to keep it at a higher price — you'd be depriving the customer of a better deal," he said. "So that's anticompetitive and actually it's almost a cartel, and cartels are illegal." The Competition and Markets Authority is investigating UK grocers’ pricing practices amid concerns during the cost-of-living crisis.Comments follow....

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