The boss of Tesco has said there are “encouraging early signs that inflation is starting to ease” after shoppers faced soaring food prices.
Ken Murphy, chief executive of the UK’s largest grocery chain, stressed that customers “continue to face significant cost-of-living pressures” but provided further optimism that rampant food inflation could have passed its peak.
READ MORE: Inflation 'slows in May after April record'
The most recent official data showed that food inflation struck 19.3% in April, dipping only slightly from March’s eye-watering 19.6% and remaining close to the highest rate for more than 45 years.
It came as the supermarket group reported total sales of £14.8 billion for the 13 weeks to May 27, with a like-for-like sales increase of 8.2% against the same period last year.
Tesco chief executive Ken Murphy (Ben Stevens/Parsons Media/PA)
Its UK division saw a like-for-like sales rise of 9% after it said it saw benefits from customers switching “from premium retailers” amid 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.
READ MORE: Scottish economy sees slow and fragile growth
“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 that it is “well-positioned for the months ahead” and held firm on previous financial guidance.
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