The federal government is reviewing the supermarket code of conduct over concerns about the gap between food prices charged by big supermarkets and those paid to farmers. 

While a separate senate inquiry will examine alleged price gouging by Coles and Woolworths in coming months.

Supermarkets have denied accusations of profiteering and say they’re experiencing economy-wide inflationary pressures. 

Today, business columnist Elizabeth Knight what an inquiry may be able to tell us.