Consumer goods giant Unilever, known for producing brands like Magnum and Marmite, reported a 21% increase in pre-tax profit, amounting to €5.2 billion (£4.4 billion) over a six-month period.

This growth was primarily driven by raising prices on its products, despite experiencing a decline in the number of goods sold.

Supermarkets, including Tesco, have criticized suppliers for raising prices during a period of high inflation, a trend known as "greedflation."

However, Unilever's Chief Executive, Hein Schumacher, stated that the company did not pass on higher costs to its customers. He believed that inflation would moderate by the end of the year, leading to more balanced pricing.

"We do see inflation moderating by the end of the year and that will lead to more moderated pricing our end."

"We've seen high volatility because of drought in Europe and rice shortages in India, as well as geopolitical issues so we've had a lot to contend with," he said, referring to the costs the company has to pay for raw materials.

Supermarkets - who themselves have been accused of so-called "greedflation" - have accused suppliers of hiking prices.

Unilever faced challenges such as drought in Europe and rice shortages in India, which impacted the costs of raw materials. Nonetheless, the company managed to achieve a profit margin of 17.1% during the first half of the year.

The investigation by the Competition and Markets Authority into grocers' pricing found no evidence of profiteering by supermarkets, but they are now looking into the wider supply chain.

Despite a 2.5% decline in the volume of goods sold, Unilever's total turnover rose by 2.7% to €30.4 billion.

In various divisions like home care and food, the company experienced a rise in sales, albeit with different patterns in volume and price changes.

Unilever's finance chief, Graeme Pitkethly, stated that they are now focusing on volume growth and believe they are past the peak of inflation.

Similarly, Premier Foods, the makers of Mr. Kipling cakes and Oxo stock cubes, reported a 21% increase in sales, expressing confidence that recent input cost inflation has passed its peak and they will not raise prices for the rest of the year.