Recent years have been characterized by particularly high levels of inflation, both in the UK and overseas. While much of this can be explained by cost-push shocks (in the form of supply chain disruptions as a result of the COVID-19 pandemic, and Russia’s invasion of Ukraine causing a surge in energy prices), there are concerns that it may also be, at least in part, driven by less competitive markets. In addition to concerns about the level of competition and its effect on prices, regulators
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