Supermarket chain Tesco has set out to slash prices in the UK this year as it attempts to pull further away from rivals Sainsbury, Asda, Waitrose and Morrisons.
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The retailer is kicking the New Year off with 600 price cuts on everyday products including ketchup and tea bags, saying that lower prices will remain a top priority throughout the coming year.
“Some competitors would prefer not to talk about price because they have been hiding behind the quality message but at Tesco you can have both great quality and low prices,” Tesco said in a price briefing.
The UK chain added that inflation has hit food prices, but “not as much as some have reported”. Tesco said that market prices on products such as coffee, orange juice and fresh produce have meant some increases but it is working to lower other prices in store.
Among Tesco’s price cuts were own-brand Original Pasta Sauce, down 11.7% to GBP0.56, Chicken and Vegetable Mealsoup, down 14% to GBP0.49, and Mixed Fruit and Raisins, which were down 10.1% to GBP1.34. Meanwhile, Tesco’s Fruit Shortcake Biscuits 250G, had been slashed 30.3%, to GBP0.36, just-food found out.
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By GlobalData
