Easing Inflation Lifts Profit At UK Supermarket Tesco

Soaring inflation in recent years sent costs jumping for companies while also reducing the amount of goods sold, lowering profits and in some cases causing huge losses (Credit: AFP)

Supermarket group Tesco, Britain's biggest retailer, said Thursday that net profit gained in its first half as cost pressures eased for consumers and companies.

Profit after tax jumped 13 percent to GBP1.1 billion ($1.4 billion) in the six months to late August from a year earlier with sales rising as inflation cooled, Tesco said in a statement.