The price of beans

The Competition Commission hit the headlines with its conclusion that Britain's supermarkets are not 'ripping-off' their customers. It found no evidence of excess profitability. Retail prices have been falling in real terms for some years. And the high prices in the UK in late 1999 can be explained by the value of sterling. Behind the headlines, however, lay a complex web of arguments about the nature of retail pricing, won and lost on the basis of an unprecedented amount of empirical analysis.

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