Companies accused of artificially inflating the costs of baby formula to profit off of struggling parents paid out £360m to shareholders in 2022, openDemocracy can reveal.
Around three-quarters of branded food manufacturers “pushed up the prices they charge to retailers by more than the rise in their input costs”, according to a new report by the Competitions and Market Authority (CMA).
The regulator said parents in particular were being forced to swallow soaring costs, with the price of branded infant formula rising by 25% between March 2021 and April 2023.
