LONDON, June 27 Reuters Britain39;s biggest supermarkets denied profiteering from food inflation or acting as a cartel when questioned about grocery prices by lawmakers on Tuesday.

The UK retail market is the most competitive market, Asda39;s chief commercial officer Kris Comerford said when asked if the large players acted as a cartel.

Asked about a grotesque display of profiteering, Tesco39;s commercial director said the group made 4 pence profit for every pound spent, while Sainsbury39;s food commercial director said it made less than 3 pence on the same measure, with both executives arguing that did not represent a high profit margin.

Reporting by James Davey and Sarah Young, Editing by Paul Sandle

Source Reuters