UK markets open in 1 hour 19 minutes
  • NIKKEI 225

    29,133.15
    +532.74 (+1.86%)
     
  • HANG SENG

    26,035.44
    -96.59 (-0.37%)
     
  • CRUDE OIL

    83.68
    -0.08 (-0.10%)
     
  • GOLD FUTURES

    1,806.20
    -0.60 (-0.03%)
     
  • DOW

    35,741.15
    +64.13 (+0.18%)
     
  • BTC-GBP

    45,366.75
    +122.19 (+0.27%)
     
  • CMC Crypto 200

    1,502.55
    +1,259.87 (+519.15%)
     
  • ^IXIC

    15,226.71
    +136.51 (+0.90%)
     
  • ^FTAS

    4,117.93
    +9.02 (+0.22%)
     

Tesco prices are still falling, says boss

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: Tesco CEO Ken Murphy poses for a portrait outside a Tesco store in Britain
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

LONDON (Reuters) - Tesco, Britain's biggest retailer, said on Wednesday its prices were still falling despite the country's widespread labour shortages and supply chain disruption.

"The truth is in the first half of this financial year our customers actually saw deflation," Chief Executive Ken Murphy told reporters after the group published better-than-expected first-half results.

He said that trend had also carried on into its second half so far.

"As we speak today we are still in a deflationary situation. We work consistently with suppliers to manage and mitigate any inflationary impact of commodity prices, transport prices and it's an ongoing process," he said.

However, he did note that in recent weeks to protect availability Tesco has seen some "promotional de-escalation".

"But that is really only to make sure we are staying in stock for customers," he said.

(Reporting by James Davey; Editing by Kate Holton)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting