As much as I hate to admit it I don't think they are profiteering - the price of oil is high, costing shops more to get our goods transported. Plus look at the price of commodities such as wheat and milk - as more of our green space is taken up for biofuels is it any wonder that prices are increasing, after all animals need to be fed. Perhaps I'm playing devil's advocate, but don't forget that many prices have gone down too..such as ready meals, dairy products and baby food.

The supermarkets are clearly continuing to make profits, but I doubt they are excessive in general. This is mainly because it still remains quite a competitive market - this has been shown by the rapid advance of cost-cutters like Lidl and Aldi - the latter has recently expanded substantially in the UK, so the majors cannot be too complacent. Sainsbury's and M&S have been losing market share so will have to be price-sensitive to stay in the race.