People facing ‘unprecedented increases in cost of living’, Tesco Group chief says

The supermarket giant has noted customers switching to own-label brands, while sales have dropped by 2.4 per cent in 13 weeks

Ken Murphy, chief executive of Tesco Group: ‘We are seeing some early indications of changing customer behaviour as a result of the inflationary environment’

Consumers are facing “unprecedented increases in the cost of living”, the chief executive of Tesco Group has warned.

It comes as inflation here hit 7.8 per cent in May, its highest level in 38 years, according to figures from the Central Statistics Office (CSO). Meanwhile, in Britain, the Bank of England last week warned that inflation there would hit 11 per cent in October.

Ken Murphy, chief executive of Tesco Group, said the company was ...