OMERS are benefiting from intense competition between supermarkets, according to data out today from the British Retail Consortium.
Food price inflation fell for a second consecutive month to 4.0 per cent in the year to November, compared with 4.2 per cent in October.
Overall shop prices rose 2.0 per cent in the twelve-month period, down from 2.1 per cent last month.
“Fierce competition in the retail sector is helping hard-pressed families manage their budgets,” said the BRC’s Stephen Robertson.
“Shop price inflation is now at its lowest for a year despite rising costs from suppliers and energy bills.”
However, Tesco may be suffering due to the price war’s intensity, according to Kantar data yesterday.
The supermarket saw its market share dip from 30.7 per cent to 30.5 per cent as its “big price drop” saw sales rise but cash taken fall.
“With more products available for less, the amount of cash taken at the tills has understandably dropped despite Tesco attracting more shoppers to its stores,” said Kantar director Edward Garner.
Meanwhile, Tesco’s Asia chief executive David Potts announced he will leave in six months to “fulfil long-held personal ambitions.” Europe boss Trevor Masters will take the role.
David Potts is leaving Tesco after 39 years at the firm. He started his retail career as a shelf-stacker, aged 16