Published by Alexander Bueso on 16th July 2023
(Sharecast News) - Tesco is leaning on its suppliers so that they pass on savings from falling costs so that it can reduce prices more quickly than rivals and thus lead on price cuts. Among other factors, on Thursday Tesco pointed to a halviing in wholesale electricity prices, a 22% reduction in PET packaging and an 84% fall in the cost of freight. Suppliers however said that other costs had continued to rise - not least wages. And in response to prodding by MPs, Asda co-owner, Mohsin Issa, has cautioned that fixed-term contracts meants that three to nine more month would be needed before customers benefitted from falling prices. - The Sunday Times