Tesco will cut prices “as quickly as possible” as inflation subsides

Tesco is “cutting prices as quickly as possible”, its chief executive has announced, in the latest sign that Britain’s battle against inflation is coming to an end.

Britain’s largest supermarket said it had recently cut prices across thousands of lines in its stores as “cost inflation eased”, adding: “We have continued to work with our suppliers to reduce prices for customers as quickly as possible.”

This meant that Tesco has been the cheapest of the traditional supermarkets for almost two years.

Ken Murphy, Tesco’s chief executive, said: “The combination of price, quality and innovation means we are as competitive as ever.”

This comes as the latest industry data suggests that Tesco has been increasing its market share over the last year. According to the latest Kantar data, Tesco is by far the largest supermarket in the UK, with around 27.8% of the grocery market, up from 27% in October last year.

Kantar said this is its strongest position since January 2022.

Murphy said the retailer is “in good shape” heading into the holiday season.