Tesco has frozen the prices of more than a thousand everyday products until 2023 as part of the Low Everyday Prices campaign which goes hand-in-hand with its Aldi Price Match. Tesco says the move is alongside its Exclusively at Tesco brands and exclusive deals through Clubcard Prices, which together cover more than 8,000 products.
It comes as the group posted a 10% fall in underlying retail operating profits to £1.25 billion for the six months to August 27, with like-for-like UK retail sales edging 0.7% higher.
It cautioned that “significant” inflation pressures and a return in shopper habits to those seen before the pandemic was being compounded by customer moves to rein in spending amid the cost-of-living crunch, with the group now expecting annual underlying retail earnings of between £2.4 billion and £2.5 billion – the lower end of previous guidance.
