Jun 16, 2023

Tesco sees early signs inflation is starting to ease

Tesco's boss has said there are "Encouraging early signs" that price rises are starting to slow as the retail giant reported higher sales. The supermarket said that in the three months to the end of May, UK sales were up 9% from a year earlier to £10.8bn. Households have been facing soaring prices, with food inflation hitting 19.1% in the year to April. He added: "There are encouraging early signs that inflation is starting to ease across the market." "The top commodity prices are starting to fall but it's important to remember that lower inflation doesn't mean deflation. It doesn't mean prices dropping, it just means prices going up less fast." The UK's competition watchdog, the Competition and Markets Authority, is investigating supermarkets over high food and fuel prices.

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