The boss of Tesco has issued an encouraging message after shoppers faced rising food prices.
Ken Murphy, chief executive of the UK's largest grocery chain said there are "encouraging early signs that inflation is starting to ease". He highlighted that customers "continue to face significant cost-of-living pressures" but provided a positive outlook, stating that food inflation may have passed its peak.
It comes after recent official data showed that food inflation reached 19.3 per cent in April, dropping only slightly from March's 19.6 per cent and remaining close to the highest rate in more than 45 years. Meanwhile, the supermarket group reported sales of £14.8 billion for the 13 weeks to May 27, with a like-for-like sales increase of 8.2 per cent against the same period last year.
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Its UK division also saw a like-for-like sales rise of 9 per cent after it was benefits from customers switching "from premium retailers" amid increased pressure on consumer budgets. Ken Murphy, chief executive of Tesco, said: “We are pleased with our performance in the first quarter, underpinned by our relentless focus on value.
“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. We are very conscious that many of our customers continue to face significant cost-of-living pressures and we have led the way in cutting prices on everyday essential items.
“There are encouraging early signs that inflation is starting to ease across the market and we will keep working tirelessly to ensure customers receive the best possible value at Tesco.”
The retailer added it is "well-positioned for the months ahead" and stuck to previous financial guidance.
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