Unite press release

For immediate release: Wednesday 22 March 2023

Inflation: there’s no end in sight to the cost of living crisis

Inflated food prices key to February inflation

Unite says workers have no choice but to fight for better wages

Commenting on the latest ONS inflation figures released today (Wednesday 22 March), Unite general secretary Sharon Graham said: “Inflation is back on the rise and workers continue to be hammered by high prices.

“Unite’s own research shows that it’s profits propelling inflation, while workers’ wages struggle to keep up. In 2021, Tesco, Sainsbury’s and Asda made combined profits of £3.2 billion, nearly double pre-pandemic levels. It’s no wonder workers are struggling with rising food prices.”

“There’s no end in sight to the cost of living crisis and people are sick of seeing their budgets get stretched thinner and thinner every month while big business racks up record profits. Unite’s ongoing fight to win better jobs, pay and conditions continues.”

New Unite research, analysing the FTSE 350 shows how profit margins for the first half of 2022 were 89% higher compared to the same period in 2019 (see also notes to editors).

ENDS

Contact: Ciaran Naidoo 07768 931 315

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Unite is the UK and Ireland’s leading union fighting to protect and advance jobs, pay and conditions for members working across all sectors of the economy. The general secretary is Sharon Graham.