business news in context, analysis with attitude

The Sunday Telegraph reports that the UK Office of Fair Trading (OFT) raided – some press reports use the word "visited" - the offices of Tesco, Wal-Mart-owned Asda, Sainsbury and William Morrison Supermarkets last week as the OFT looks for new evidence of alleged price fixing in the areas of grocery and HBC.

The move by the OFT, which comes as the UK Competition Commission prepares to publish the results of a separate two-year investigation into the supermarket industry, is said to be a response to rising food prices in the UK. On the other side, numerous retailers in the UK accuse it of abusing its power and essentially going on a fishing exhibition as it looks for any and all infractions.

The supermarkets told the BBC that they were "happy to assist" the OFT.

KC's View:
I hope the OFT has more to go on that just rising food prices in the UK. Because perhaps they haven't noticed, but they're going up pretty much everywhere.