Iceland boss Richard Walker has restated the company’s commitment to freezing the prices of more than 60 items in its value range until the end of 2022.

In a statement, Walker spoke about the impact of inflation on the retailer’s operations, warning that “there is much worse to come.”

Walker went onto talk about the raising of the Ofgem price cap in April and its potential impact on the retailer. He said that since no price caps were being introduced for businesses, all operators of ‘brick and mortar’ stores that need to be lit and heated will be affected by the energy costs, and Iceland particularly so because of its extensive use of refrigeration.

He added: “This is on top of rising commodity prices, higher shipping and labour costs, and a range of other pressures that add up to a perfect storm. Business is not a limitless sponge that can simply absorb all this.

“Every retailer will be forced to raise its prices, adding to the expected squeeze on living standards from higher domestic energy bills, taxes and National Insurance.”

Walker said that Iceland has done its “utmost to help [reduce the impact of inflation on lower income families] by offering the best value we can.” He restated that the company has pledged to freeze the price of all £1 Iceland frozen lines until the end of 2022. Products subject to the price lock include frozen vegetables, pizzas, chips, ready meals and ice creams.