In an interview with the BBC, the chairman of Tesco, John Allan, hinted that it is ” entirely possible” that food firms are taking advantage of inflation for their practices.
He stated that Tesco is working “extremely hard” to oppose pricing increases that it believes are illegal.
Milk and cheese prices are rising at the quickest rate since 1977.
Mr. Allan stated that all supermarkets were disputing cost rises from suppliers whenever possible, and Tesco was facing firms it considered were raising prices above what was required.
“I think we strive very hard to oppose [pricing increases],” Mr Allan added.
“We have a staff that can look at the content of food, commodity costs, and determine whether or not these price rises are justified.”
Tesco’s purchasing teams deal with it “every day of the week,” he added.
“Commodity prices, energy prices, and labor expenses have all risen dramatically. If you don’t want to pay £1.70p for… soup in Tesco or any other store, there are own-label alternatives “He stated.
