Boss John Allan tells the BBC costs will rise further and the plight of people on low incomes 'troubles us'.
Annual UK inflation is currently 5.4%, a 30-year high, and is predicted to top 6% in the spring. Meanwhile, the cost of energy is set to soar under new price-cap rules, prompting the chancellor to unveil a support package for households last week.
Mr Allan said he could not speak for the rest of the industry, but it was untrue at Tesco. "Price rises depend on individual products - coffee is going up, but other things like the cheapest tin of baked beans in Tesco is cheaper than it was five years ago," he said."As far as Tesco is concerned, we have 2,100 products on our lowest price. We're either price matching against Aldi, or it's our own exclusive at Tesco range.
Andrew Bailey's comments to the BBC were branded a "sick joke" by the GMB union, while the TUC said the call was "ill-founded".
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