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Worst of food price inflation yet to come, Tesco chairman says

Bloomberg
Bloomberg2/7/2022 07:22 PM GMT+08  • 2 min read
Worst of food price inflation yet to come, Tesco chairman says
"People may have to struggle to choose between heating their homes and feeding their families"
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Food price inflation could rise as much as 5% in the spring, exacerbating the UK’s growing cost-of-living crisis, according to the chairman of the country’s biggest supermarket chain.

John Allan, chairman of Tesco Plc since 2015, said the worst of rising food prices is yet to come -- a development that could heap further pressure on people already facing bloated energy bills and tax increases from April.

Tesco controls about 28% of the UK grocery market. Allan’s remarks come a few weeks after CEO Ken Murphy warned the supermarket chain was facing rising costs, saying it would work to mitigate them. The Bank of England last week predicted that inflation could rise about 7% in the spring, a rate not seen in three decades, and would only subside enough to meet its target in two years.

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