The share price of listed supermarkets plummeted yesterday after grocery giant Tesco issued a stark warning on the effects of the cost of living crisis.
The UK grocer sent shockwaves through the sector as it downgraded its full-year profit expectations despite saying preliminary profits had tripled.
Tesco said that a perfect storm of rising wages, energy and distribution costs, a return to pre-pandemic shopping habits and fierce price competition could impact its margins.
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