Tesco reports sales boost, despite high UK inflation
Total sales grew 1.8 percent in the 19 weeks to January 6
London - Egypt Today
Supermarket group Tesco, Britain's biggest retailer, announced Thursday a rise in sales over the key Christmas period, despite high UK inflation weighing on consumer incomes.
Total sales grew 1.8 percent in the 19 weeks to January 6 compared with the corresponding period a year earlier, Tesco said in a statement.
"Whilst inflationary pressures remain in the UK market as a whole, we have continued to work with our supplier partners to help mitigate the impact on our customers," Tesco said.
"As a result, we have passed on less inflation to date than our competitors."
In Britain, wages are being eroded by Brexit-fuelled inflation according to recent data.
Since Britain voted to leave the European Union in June 2016, a drop in sterling -- making imported goods more expensive -- has pushed up inflation to an annual rate of 3.1 percent.
Source:AFP
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