Regulation Minister David Seymour agrees Kiwis are struggling with current grocery prices - but doesn't think tighter regulations are the solution.

The Grocery Commissioner's recent annual report into the market highlighted a lack of competition and meaningful improvement amid soaring costs for consumers.

Seymour says more rules and regulations won't help improve the situation. 

"What we need is more competitors and more competition. Actually, the more rules and regulations you put on them, the less likely that is."

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