Tesco rakes in £1bn while hiking prices amid cost-of-living crisis

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Tesco store. Creative commons licensed image by Editor5807.


Mega-rich firm accused of ‘obscene profiteering’ while millions struggle to feed their families

TESCO is indulging in “obscene profiteering” during the worst cost-of-living crisis in decades, Unite the Union charged today after the supermarket giant reported a whopping £1 billion profit despite soaring food prices.

The mega-rich firm said it made the pre-tax windfall in the 12 months to the end of February as total sales rose by more than 7 per cent to £65.8bn.

The profit was less than half of the more than £2bn it pocketed a year earlier as the amount of product sold fell, but bosses admitted making up for the shortfall by charging more per item on average.

They declined to reveal how much they have jacked prices for hard-hit shoppers struggling to cope with crippling 18.2 per cent food inflation — the highest in 45 years.

Unite general secretary Sharon Graham said: “Tesco’s profits are another example of excessive profiteering fired up by astonishing corporate greed.

“It’s this rampant profiteering which is driving inflation, and cranking up the cost-of-living crisis for workers and their families.

“How can it be that at a time when millions are struggling to feed their families Britain’s biggest supermarket is profiteering as never before.

“What sort of country have we become? Frankly, these results are obscene.”


Continue ReadingTesco rakes in £1bn while hiking prices amid cost-of-living crisis