Opposition vows to hold PM to grocery prices pledge

The Federal Opposition says it is looking forward to hearing exactly what the Prime Minister plans to do about rising grocery prices.

The Government has directed the Australian Competition and Consumer Commission (ACCC) to examine the nation's grocery prices from the farm gate to the checkout and report back in six months.

Opposition treasury spokesman Malcolm Turnbull says he doubts there is much the Government can do about the issue.

But he says Kevin Rudd was elected on a promise to take action on grocery and petrol prices, and he intends to hold him to his pledge.

"The acid has to be on them. 'The buck stops with me,' Mr Rudd said, well let's see where it ends up in July because they've said they'll have a report in July," he said.

"We'll all be expecting to see positive programs, positive measures that will have the effect of bringing grocery prices down."

Mr Turnbull says the cost of fuel is no cheaper after the Prime Minister's petrol price inquiry, and grocery prices will not be either.

"We look forward after the inquiry, to the positive measures that will bring grocery prices down," he said.