The chairman of Tesco said the worst of rising food prices is “yet to come” ahead of a potential 5% increase in spring.
John Allan said food prices at the supermarket chain grew by only 1% in the last quarter but could rise by 5% in the coming months.
It comes amid the cost of living crisis with surging energy prices and increased national insurance contributions in April.
The food price hike comes at the same time as a National Insurance and an energy bill rise.
Mr Allan admitted some people will “of course” have less to spend on luxuries.
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