Tesco sales rise 9% as inflation eases
There are indications that inflation in the UK may have peaked as sales at supermarket giant, Tesco, went up 8.8% to £15.2bn in the first quarter of the year.
CEO Ken Murphy flagged these were “encouraging early signs” that inflation is starting to ease.
Growth was driven by the supermarket’s larger shops and like for like sales went up 9% in the UK, its biggest market.
The group’s financial services offerings also grew, with 13.9% growth in bank sales on the back of new customers in lending and insurance. There was also a rise in credit card spending.
Bank sales were up 13.9%, reflecting new customers in both lending and insurance, as well as higher credit card spending.
Tesco chief executive officer, Ken Murphy, said that “There are encouraging signs that inflation is starting to ease across the market”.