What do price controls generate?

Price controls create production shortages and black markets for the controlled product. Price equilibrium without controls creates a perfect balance between the overall markets demand for a good and production as determined by production costs and a required level of profit to justify the effort of producing the good. Price controls will benefit those fewer individuals who can buy at lower prices, but others will shut out from buying becuase of shortage of production. Also, those shut out will offer higher prices in the black market to get what they want.

Judging by the obscene price rises in the supermarkets, petrol , energy bills and general cost of living what price controls do you actually mean? Now if you had asked about wage controls and benefit controls they generate a lower standard of living for the less well off, whilst the fat cats on their £1.000.000 + per year live in luxury.

Inflation