Sunak has caused a minor uproar by suggesting that supermarket bosses might "voluntarily" cap the price of (some) food items. Food price inflation has been above 19% for three months now, with the cost of fresh produce shooting up even more.
So yes, capping prices, (but compulsorily, not voluntarily!) and more importantly, increasing wages in line with them - would be the only rational thing to do, even within the limits of this profit system... But this government is anything but rational!
Since 2019, food prices have increased by 25%. So the average household is spending at least £1,000 more on food compared to last year.
In fact many supermarkets have already "locked" or even cut the prices of some essentials. They had no choice, since the high cost of food has driven away customers, cutting sales by at least 3%.
Tesco, for example, cut the price of its own-brand pasta and cooking oil in February and it cut the price of milk in April.
Even so, Sunak does not dare to bring in compulsory price controls. It's not that the Tories haven't done it before. In 1973, Tory PM Ted Heath did, when inflation was lower - at 9.1% - but ever-rising after the 1970 oil crisis. It was this event, in fact, which ushered in the permanent state of capitalist economic crisis we have lived under ever since!
Back then, the government imposed maximum prices for basic food like bread and milk. However to get away with this in front of the capitalist class, it also put a cap on wage rises... And that led to the famous - all out - 1973 miners' strike, which spread to engineering workers and many other sectors! This brought down the government!
So no wonder that the mere mention of price caps has sparked strong opposition from Tory MPs. They say this would be interfering with the "free market" and point to the supermarkets' already low profit margins. Labour shadow Trade Secretary, Nick Thomas-Symonds, agrees. It's not a "practical" solution, says he - and is "unsuited to the 21st century", whatever that means!
Supermarkets are hardly struggling. Tesco posted a £1 billion profit for 2022-23, followed by Asda and Morrisons, with over £800 million each and Sainsbury's with £327 million. Behind them, three of the biggest food manufacturers - Unilever, Mondelez and Nestle - made a combined profit of £31 billion last year! And beyond that, the four big agribusiness conglomerates that control 90% of the world's grain supply (Archer-Daniels-Midland, Bunge, Cargill and Louis Dreyfus), increased profits by 255%!
So, yes, price controls - along with wage rises which are future-proofed and will keep up with prices - are an obvious necessity for the working class. But the only way to achieve this is going to be through a full joint mobilisation - starting with an escalation of action by those already on strike!