Public concerned price rises in some sectors motivated by profits more than inflationary pressures

The latest Ipsos Political Monitor, taken 1st – 7th December 2023, explores public attitudes to price rises in different sectors.

Findings show that the majority of Britons think the main reason for price rises by broadband/phone providers (53%), car and home insurance companies (53%), petrol retailers (54%) and utility companies (57%) is because they want to increase their profits, rather than to keep up with inflation and their own increased costs.

Views are more split on supermarkets (36% mainly to increase profits, 27% mainly because of inflation) and clothes and fashion retailers (32% mainly to increase profits, 28% mainly because of inflation).

Gideon Skinner, Head of Political Research at Ipsos, said:

Inflation may be coming down, but the cost of living is still a key concern for Britons. They are critical of the government’s performance here, but it’s not just an issue for the Prime Minister - there is scepticism towards business too. This comes from both Conservative and Labour supporters, and the middle-aged and older people too are often the most likely to believe the desire for increased profits is the main reason behind rising prices.

Technical note

Ipsos interviewed a representative sample of 1,008 adults aged 18+ across Great Britain. Interviews were conducted by telephone between the 1st to 7th December 2023. Data are weighted to match the profile of the population. All polls are subject to a wide range of potential sources of error.