Tesco is “lowering prices as quickly as possible”, its chief executive said, in the latest sign that Britain’s battle on inflation is nearing its end.
Britain’s biggest supermarket said it had recently lowered prices on thousands of lines across its stores as “cost inflation headwinds ease”, adding: “We continued to work with our supplier partners to lower prices for customers as quickly as possible.”
It said this meant Tesco had consistently been the cheapest of the traditional supermarkets for almost two years.
Ken Murphy, Tesco chief executive, said: “The combination of price, quality and innovation means we are as competitive as we have ever been.”
It follows recent industry figures which suggested Tesco has been growing its market share over the past year. According to the latest Kantar figures, Tesco is by far Britain’s largest supermarket, holding around 27.8pc of the grocery market, up from 27pc last October.
Kantar said this marked its strongest position since January 2022.
Mr Murphy said the retailer was “in good shape” going into the Christmas period.