Sir Gerald Howarth's speaking after supplier Unilever and supermarket Tesco entered a public row about prices.
Unilever has asked Tesco to pay more for its products, which include Ben and Jerry's ice cream, Marmite and Magnum ice cream, because the pound has fallen in value by 18 percent since the vote to leave the EU.
Tesco has refused to pay more for Unilever's products, taking them off its online shopping website. Stocks of the supplier's products are also running out on their shelves.
Other supermarkets have also entered price talks with Unilever.
Sir Gerald said it will be very damaging to the firm's reputation "if they seek to use the fall in the pound to exploit the consumer".
Speaking on Premier's News Hour Ian Melville, a Christian currency expert, said: "Everything that we own in the UK is now worth 10 to 15 percent less than it was before Brexit.
"There is going to be a time of instability and then there will become a new norm. All products are going to go up in price, it's not just the key brands from Unilever at the moment.
"There's going to be a real shake-out and some people are going to have to choice different products to different brands... The budget's going to be stretched somewhat."
And Dr Jonathan Tan, from the Association of Christian Economists, told Premier: "My prayer is very much that we as consumers, and especially Christian consumers, look towards God and his manna.
"This manna is not Marmite. Let's be content as Christians with what God has provided."
Listen to Premier's Alex Williams speaking to Ian Melville on the News Hour:
Listen to Premier's Aaron James speaking to Dr Jonathan Tan:
