The ongoing investigation has been looking into pricing practices for non-loyalty members to find out if they were “artificially inflated” to entice and possibly mislead shoppers.
The CMA said it is “unlikely” to find widespread evidence to suggest loyalty prices in stores are misleading shoppers.
Responding to the update, Helen Dickinson, chief executive of the British Retail Consortium, said: “We welcome the CMA’s update that they have not found widespread evidence of misleading loyalty promotions.
“Whether it’s everyday value, or loyalty schemes discounts, retailers know they have to demonstrate clear value to attract and retain customers.
Commenting on the findings on competition between the supermarkets and efforts to provide value for customers, Dickinson said: “The CMA update shows that supermarkets are doing their best to provide great value groceries for their customers.
“With food inflation now returned to normal levels, fierce competition between retailers is ensuring customers are the big winners from the UK’s supermarket sector.
“The CMA notes the sharp decline in food inflation, which has fallen significantly to just 1.5% in June 2024, below the level of headline inflation.
“While operating profits have recovered slightly from the historically low levels seen in 2022/23, they remain in line, or below levels seen before the cost of living crisis.
“The CMA recognises the ‘effective competition’ between retailers is keeping prices as low as possible for customers and ensuring that where retailers can make cost savings, these are passed on to customers.
“This competition is one of the key reasons why the UK continues to deliver some of the cheapest groceries in Europe.
Considering the road fuel update, Dickinson added: “The fuel market covers both supermarkets and non-supermarket fuel retailers. Supermarkets remain focused on delivering the best overall value for their customers across all products that they sell, including food and petrol.
“Retailers will continue to work closely with the CMA and provide the necessary data to allow consumers to find the best prices for petrol and diesel.”