fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Lifestyle Retail

Food Brands Are Profiting From ‘Greedflation’- Tesco Chairman

Tesco, a British multinational groceries and merchandise retailer brand, has cautioned that some food producers may be reaping the unjust advantage of high inflation. They are raising prices more than required under the explanation of the higher cost of raw materials and countrywide hyperinflation.

Anuj Singh by Anuj Singh
January 25, 2023
in Retail, Commercial, Economy, The Global Economics, Top Stories
Reading Time: 3 mins read
0
Food Brands Are Profiting From ‘Greedflation’- Tesco Chairman

Food Brands Are Profiting From ‘Greedflation’- Tesco Chairman

30
SHARES
169
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

Food Brands Are Profiting From ‘Greedflation’- Tesco Chairman

Tesco, a British multinational groceries and merchandise retailer brand, has cautioned that some food producers may be reaping the unjust advantage of high inflation. They are raising prices more than required under the explanation of the higher cost of raw materials and countrywide hyperinflation.

John Allan, Chairman of Tesco, has said that it is completely imaginable that food companies are profiteering by exploiting the poorest consumers during hyperinflation. Tesco has set up a team to observe food input costs against increasing prices and is questioning companies that they suspect are raising prices disproportionately. Allan told the Sunday with Laura Kuenssberg program that they have a dedicated group of observers who monitor the food composition and raw material costs and then assess the legality of price increments.

Allan has also added that most price raises are justified and have no discrepancies, and they are having a tough time challenging those supermarket chains that they suspect have done something illegitimate.

A spokesperson for Kraft Heinz, a food and beverage company in North America, has told CNBC that the F&B company is in clutches of inflated production costs and rising inflation. They are trying to absorb costs up to their capacity.

Kraft Heinz tomato ketchup and beans were on the list that was temporarily expelled from Tesco’s shelves last year due to a pricing conflict. After an agreement between Tesco and Kraft Heinz, the expelled products were back on shelves again.

 

Dodging responsibility

‘Which?’ – a United Kingdom-based organization promoting consumer choice, has said that retail supermarket chains like Tesco could be shedding off their responsibility by blaming the price hike on its suppliers.

Which? has a Supermarket Inflation Tracker that has found that the supermarkets in house label products have registered higher inflation in comparison to other brand products that have slightly lesser inflation impact.

In the third quarter of December 2022, the prices of the supermarket’s brands increased 18.3% year on year, whereas the increase in the price of other branded items has risen 12.3% year-on-year basis.

Reena Sewraz, retail editor at Which?, has told in talks with CNBC that they have noticed higher than usual price increments at such supermarkets. Their research finds that although the consumers favor their brands and necessary products to help them survive in these times of the higher cost of living, these product ranges have registered higher rates of inflation than premium and other branded products.

This price rise has followed along with the already high prices of goods and services due to supply chain troubles due to the ongoing Russia-Ukraine conflict.

Inflation in the United Kingdom

The British Office for National Statistics has said in a report that in November 2022, the inflation in the United Kingdom was 10.7 percent; these inflation numbers are lower than the 41-year high of 11.1 percent registered in October this year. The recent inflation data is slightly lower than the previous month, and it stands at 10.5 percent.

The core CPI numbers held the ground at 6.3 percent in December. This number doesn’t include food, energy, alcohol, and tobacco.

The inflation rate in food and non-alcoholic beverages was 16.9 percent in November 2022.

Consumers have shifted to the items of supermarket brands and have started shopping at discount chains like Tesco, Sainsbury’s, Asda, Morrison’s, and alike.

 

Source: short URL
Tags: GreedflationhyperinflationinflationRetail chainuk
Anuj Singh

Anuj Singh

Related Posts

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy
Economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

by Riya Thomas
March 21, 2023
First Republic Shares Plummet Amid Liquidity Fears
Banking

First Republic Shares Plummet Amid Liquidity Fears

by Anuj Singh
March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated
Technology

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

by Rahil Adnan
March 21, 2023
UEM Edgenta Paves the Way for Non-Clinical Tech Companies To Improve Healthcare Services
Exclusive Coverage

UEM Edgenta Paves the Way for Non-Clinical Tech Companies To Improve Healthcare Services

by The Global Economics
March 21, 2023
Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi
Islamic

Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi

by Riya Thomas
March 20, 2023
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

First Republic Shares Plummet Amid Liquidity Fears

First Republic Shares Plummet Amid Liquidity Fears

March 21, 2023
Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

March 21, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version