Tesco cuts milk prices after wholesale costs fall
Posted: Wed Apr 12, 2023 9:20 pm
By Michael Race
Business reporter, BBC News
Tesco has cut the price of its milk for the first time since May 2020, in a possible sign that price rises for a weekly shop could be starting to ease.
Britain's largest supermarket said it would reduce its four pint bottle from £1.65 to £1.55 from Wednesday.
Two pints will be cut by 5p to £1.25 and a single pint will also drop by the same amount to 90p.
Tesco said its costs for buying in milk had fallen so it had decided to "pass that reduction on to customers".
The price of a weekly shop for households has been rising in recent months and latest official figures show that food inflation in particular was up by 18.2% in the year to February - the highest since 1978.
Milk itself has risen by 43% in price on average from February 2022 to February this year. It is one of many staples, including cheese and eggs, which have surged in cost and squeezed household budgets.
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