The boss of Tesco has said there are “encouraging early signs that inflation is starting to ease” after shoppers faced soaring food prices.
Ken Murphy, chief executive of the UK’s largest grocery chain, stressed that customers “continue to face significant cost-of-living pressures” but provided further optimism that rampant food inflation could have passed its peak.
It came as the supermarket group reported total sales of £14.8 billion for the 13 weeks to May 27, with a like-for-like sales increase of 8.2% against the same period last year.Its UK division saw a like-for-like sales rise of 9% after it said it saw benefits from customers switching “from premium retailers” amid pressure on consumer budgets.
“Customers continue to recognise our leading combination of great value and quality in every part of their basket – from essentials covered by our Aldi Price Match, through to our growing Finest range.
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