Iceland boss hits out at parent ‘exploitation’ in baby milk market

Richard Walker calls for price cap on infant formula as competition watchdog finds evidence of greedflation

• It's extortionate': a mother's struggle to afford rising price of baby formula

The boss of Iceland has hit out at exploitation" of new parents and joined calls for a price cap on baby formula after the competition watchdog found evidence of greedflation by leading manufacturers.

The Competition and Markets Authority (CMA) on Wednesday revealed manufacturers had increased prices by more than their costs during the inflation crisis, fattening profit margins and imposing an average 25% increase on shoppers in two years. It warned competition could be hampered because the market is dominated by two companies, Danone and Nestle, which between them account for 85% of sales.