Tesco Profits Surge As Food Inflation Slows, Positions Itself As Most Affordable Grocer

Tesco has reported significant increases in sales, profits and market share as food inflation slows.
The company expects the pace of food inflation to continue decreasing, easing cost of living pressures on consumers.
Tesco aims to drive down prices further and reinforce its positioning as the most affordable full-line grocer.
The company has upgraded its profit forecasts for the 2023/2024 fiscal year due to strong performance and cost cutting measures.
Analysts caution upcoming challenges as inflationary tailwinds subside and economic conditions remain tough for consumers.