Does anyone know the law regarding over inflated RRP's for selling in store?

Found 21st Dec 2008
Just went to a store and saw something for £195.99 with a RRP of £538.00.
Checked on the manufacturers website and it is selling at £199.99 as a standard price.

i remember an auction/shopping TV station getting done for RRP inflation.

What does the law say about this when it happens in a well known store?

Also i haven't spoke to the store regarding this yet, is there any way i can use this situation to my advantage?
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MiscInflatable Toys
Trading standards would be very interested.

Consumer AdviceBy law, a retailer is entitled to decide the price he … Consumer AdviceBy law, a retailer is entitled to decide the price he wants to charge for his goods.The price on display is simply what the law calls an 'invitation to treat'. In the same way that you don't have to buy goods from anyone, a retailer is under no obligation to sell you anything.You cannot insist that a shop sells you anything at a marked price, even if they have made a mistake.The law does not allow prices to be fixed and, contrary to common belief, goods are not subject to price controls.What are RRP and MRRP?The recommended retail price (RRP) and manufacturer's recommended retail price (MRRP) are suggested prices or price guidelines. Retailers can undercut these prices if they wish, so you should shop around for a bargain.It is illegal for shops to sell things at more than their advertised price. Our advice is that the business should have a checking system to prevent pricing errors and ensure that any identified are quickly corrected.As long as shops clearly show the price of goods, they are under no obligation to price each item individually.If you think a shop is deliberately trying to mislead you, or are unhappy at the way a shop advertises its prices, you should call your nearest Trading Standards Service, which has powers to investigate.Special rulesIn some cases, special pricing rules must be observed.Restaurants, pubs, and cafes which serve food have to display a price-list and tell you whether there is a service charge, and pubs have to list the price of various drinks.Petrol stations must show the unit price of petrol at the pump.All retailers must price their goods to include VAT. This rule does not apply to business sales or the price of services, although if services are sold to consumers and the price is quoted exclusive of VAT, it must be made clear that VAT will be added.It is also against the law for a shop to pretend that goods have been reduced from a higher price to a lower one.If you order goods, and later the shop says the price has gone up, you should only have to pay the price you saw when you ordered, unless you were told there might be an increase. To be certain, ensure you get the price in writing.

I think this is happening more than we realise!
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