More turn to Tesco’s own label brands
TESCO customers are turning to own-label products to tackle the rising cost of living, its chief says.
Ken Murphy revealed the supermarket has seen “early indications of changing customer behaviour as a result of the inflationary environment”.
He stressed it was “too early” to predict how food inflation will change over the coming year.
It came as Tesco UK sales fell 1.5% year-on-year in the three months to the end of May. However, sales were boosted at that time last year by lockdowns.
Mr Murphy also warned there was no sign that sky-high fuel prices would ease in the short term.
Of the Government’s 5p-a-litre fuel duty cut, he said: “We passed on the cut literally the same day.”