Tesco chairman John Allan has today issued a warning to customers over the continuing rise of food prices in the UK - saying the worst is still to come.
Mr Allan said food prices at Tesco rose just 1% last quarter, but are likely to be rising by 5% by the Spring, reports The Mirror.
The rises will come at the same time as a hike in National Insurance, energy bills, water bills and mortgages and as inflation makes everything we buy more expensive.
Mr Allan said the supermarket chain brings down prices where it can with the cheapest tin of beans now 22p, down from 25p five years ago.
He told the BBC’s Sunday Morning: “In some ways the worst is still to come - because although food price in Tesco last quarter was only 1%, we are impacted by rising energy prices. Our suppliers are impacted by rising energy prices.
“The likelihood is that inflation figure will rise. We’re doing all we can to offset it.”
He added: “I predicted last Autumn that food prices by the Spring might be rising at about 5%.
“I sincerely believe it’s not going to be any more than that, it might even be slightly less.
“But that’s the sort of number we’re talking about. Of course, 5% - if you’re spending, as some of the least-well-off families are spending, 15% of household income - is significant.
“It troubles us and I’m sure troubles many people that people may have to struggle to choose between heating their homes and feeding their families.
“That’s clearly not a situation any of us should tolerate.”
