Tesco has slashed the price of its milk for the first time since May 2020 after “price deflation across the market”.
The UK’s largest supermarket chain said it would cut the price of its four-pint bottle from £1.65 to £1.55 from Wednesday.
It comes as Tesco is set to update investors and analysts over its financial performance for the year to February in an update on Thursday, when it is expected to reveal a dip in profits for the past year as it grappled with rampant food and drink inflation. UK Consumer Price Index inflation saw a shock increase to 10.4% in February due to increased pressure on food prices, which worsened as a result of recent fruit and vegetable shortages.
Milk was 26.3% more expensive than a year before, while cheese , bakery items , water and savoury pies, pastries and quiches also saw higher-than-average price increases.
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