Tesco locks down prices and raises staff pay as profits slip

Tesco Belfast store sign

Top grocer Tesco has unveiled “a vast new price-lock commitment” and increased hourly-pay pay for the second time this year as the cost of living crunch hits consumers and colleagues alike.

Tesco revealed the initiatives as it reported a fall in first-half profits, caused in part by the impact of inflation but primarily by a decline in year on year volumes as conditions normalised in the aftermath of the pandemic. 

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