Tesco’s CEO emphasizes the company’s commitment to reducing prices.
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Tesco’s CEO emphasizes the company’s commitment to reducing prices.

Tesco, the UK’s largest supermarket chain, is working diligently to reduce prices in response to the financial challenges faced by customers due to the rising cost of living, according to its CEO Ken Murphy. He also mentioned that the rate at which food prices are increasing is expected to decrease this year, which should provide some relief to households.

The chain reported a big jump in profits for the first half of the year as wholesale costs came down.

It said customers were also buying more own-brand products to save money.

Global food prices surged after Russia’s invasion of Ukraine last year, driving up the cost of a weekly shop.

But the pace of price rises, while still very high, has started to ease, with supermarkets cutting the price of some basics like milk, cheese and vegetables.

“We know how challenging it is for many households across the country, as they continue to grapple with ongoing cost of living pressures,” Mr Murphy said.

Tesco’s CEO emphasizes the company’s commitment to reducing prices.

“We are committed to doing everything we can to drive down food bills.”

Supermarket customers have been switching to own-brand products for the past few years to try to cope with rapidly rising prices.

Tesco reported that customers have been indulging in premium own-label products for home consumption and have been making the shift from premium retailers to Tesco in an effort to cut costs.

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