Tesco, Britain’s largest supermarket group, said it had lowered prices and its profits reached 2.83 billion pounds, an increase of more than 300 million pounds from a year ago.

More people are shopping TescoThe company said it was due to improved product value and quality.

Profits reached £2.83 billion last year, up from £2.5 billion the year before, while Tesco’s revenue also increased.

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Revenue reached £68.19 billion, excluding VAT and fuel sales, an increase of £2.86 billion on the same period last year.

This is available at retailers Cleared of “greedy inflation”” – alleges that high inflation is used as a justification for disproportionately and unfairly raising prices and profits.

In July last year, competition watchdog the Competition and Markets Authority (CMA) said the numbers were at an all-time high. food expenses Rather than being driven by weak competition among stores, rising costs have not been fully passed on to shoppers.

rising food prices “Significant reduction”

During the year, goods, especially food, became more expensive as inflation remained above 5% for much of the year.

Food prices in particular rose last year – food inflation was higher than overall inflation and remained in double digits for much of 2023.

But Tesco chief executive Ken Murphy said when announcing results for the 2023/24 financial year that interest rate or price rises that hit consumers hard had “diminished significantly”, particularly since the invasion of Ukraine.

“However, we recognize that things are still difficult for many customers, so we have worked hard to lower our prices and are now the cheapest full-line grocer in more than a year,” he added.

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On Wednesday morning, the company announced it would spend £1bn to buy back shares so that Tesco itself will own more of the company.

The previous year, the 2022/2023 financial year, was described as ‘Incredibly tough’ Tesco is grappling with customers who have seen “unprecedented levels of inflation in the prices we pay our suppliers for the products we pay our suppliers and the costs of our own operations”.