Tesco warns the public faces hardship in wake of interest rates rise
Inflation, which measures how the cost of living changes over time, is increasing at almost its fastest rate in 40 years, driven largely by the rising cost of food and fossil fuels.
Rising costs and recent market turmoil are top issues facing the new Chancellor Jeremy Hunt, who has admitted that his predecessor's mini-budget went "too far, too fast". When asked if the business was prepared to absorb more costs to help customers struggling, Mr Allan said that the firm already was, pointing to a recent fall in profits.Tesco bosses have previously said that customers "were watching every penny".
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