• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics

Tesco raises prices on more than 1,000 products in two weeks

Internal documents show that staples including bananas and pasta have risen by an average of 11% over the period.

PA by PA
2019-07-19 15:41
in Business and Economics
credit;PA

credit;PA

FacebookTwitterLinkedinEmailWhatsapp

Tesco has increased prices on more than 1,000 products in the past two weeks, including staples such as bananas, cheese, pasta and jam, new internal documents seen by PA show.

The supermarket, which has said cutting prices to compete with discounters Aldi and Lidl is a key priority, put up prices by 11% on average during the first two weeks of July.

A five-pack of bananas has gone up 11% from 90p to £1; own brand farfalle, macaroni and linguine pasta have all risen 30% from 50p a pack to 65p; seedless strawberry jam is up 23% to 92p and iceberg lettuces are up 17% at 60p each.

The highest price rise was for Merchant Gourmet puy lentils, up from £1.42 to £3.60 a pack – a rise of 152%.

Industry sources said prices will go up and down across the whole industry but the size and scale of Tesco’s recent rises were notably high.

Supermarkets typically move prices on branded products due to promotions coming to an end, but prices on own-brand food and drink tend to be more stable.

Out of the top 50 price rises for the supermarket, 18 were own-brand products.

RelatedPosts

Shares in Hong Kong tech company rise by 32,000% and nobody knows why

Brace for financial crisis-style recession as Bank of England signs off biggest rate hike in nearly 30 years

Number of days UK CEO works to earn frontline workers’ salary is shocking

HSBC rebuffs break-up calls and pledges to boost dividends as profit surprise propels FTSE 100 higher

The branded items with the biggest rises include Cathedral City Mild Cheddar up 57% to £5.50 for 550 grams; 20-packs of Carlsberg lager up 33% from £9 to £12; Ferrero Rocher chocolates up from £1 to £1.25 and a 5kg bag of Salaam basmati rice now £9 versus £7 previously – a rise of 29%.

The data, which is used internally by grocers to monitor the industry, is provided by Brand View.

Tesco said the rises were due to cost pressures that were hitting the entire market, and pointed out that over the last three weeks prices were cut on 121 items by 24% on average, including own-brand coconut milk, down 55p to 90p, and Tesco frosted flakes cereal, down 20p to £1.

A spokesman said: “Over recent months, cost pressures have continued to build and impact the market.

“We’ve worked hard to offset these pressures, and focused on protecting our customers for as long as possible. But, like the wider market, we have had to reflect these pressures in the price of some products.

“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 Four [Tesco, Sainsbury’s, Asda and Morrisons].”

Price has been a major factor on the high street in recent years, driven by the rise and rise of discount supermarkets Aldi and Lidl.

Tesco has made its own attempts to move into the discount sector, launching its own discount supermarket Jack’s.

Clive Black, retail analyst at Shore Capital, said: “The key journey that the UK supermarkets are on is to narrow the basket with the German discounters, who also move prices up and down. That is a key axis that shoppers undoubtedly notice.”

https://www.thelondoneconomic.com/food-drink/pub-with-longest-name-in-the-country-reopens-less-than-50-yards-from-boozer-with-the-shortest-name/15/07/

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Roberto Blanda: About

Israel is committing apartheid against Palestinians, rights group says

Keeping Employees Engaged Continues to Be a Challenge for Business Leaders in 2021

Beer of the Week: Brooklyn Brewery Defender IPA

House transactions in London down 40%

Video – NHS nurse on ventilator with Covid has returned to work

British immigrant in Spain says his area is a ‘ghost town’ because of Brexit

Two-thirds of Brits don’t think they will ever land their ‘dream job’

Tory MP hits out at ex-prime minister for Boris criticism – but it backfires

Brits reveal what they will miss most when morning routines return to normal

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.