Tesco raises prices to stay ahead of competition

Tesco prices
// Tesco has raised prices on more than 1000 items over the past 2 weeks
// It has faced pressure from Aldi & Lidl as well as Big 4 rivals

Tesco has said it has increased the prices of over 1000 products in the past two weeks, as a result of competitive pressure from rivals.

The Big 4 leader raised prices on products such as cheese, chocolate and bananas by an average of 11 per cent, according to PA.

Tesco said it remains competitive when compared with Big 4 rivals Asda, Sainsbury’s and Morrisons.

The price increase is also a result of added pressure on the grocers from German discounters Aldi and Lidl.

While all shops are dealing with price increases, the prices of milk powder, potatoes and pork have all risen much faster than the official inflation figure of two per cent.

“Over recent months, cost pressures have continued to build and impact the market,” Tesco said in a statement.

“For the majority of products that have increased in price over the last three weeks, we still beat or match the cheapest of the Big 4.”

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