Tesco has been raising prices on their own brand products and pulling them from their Aldi Price Match campaign, according to new analysis. Meanwhile, Tesco boss Ken Murphy was handed a £4.74 million pay packet for the past year.
Despite the cost of living crisis forcing many people to rely on low-price supermarket deals, at least 18 Tesco own-label products have been taken out of their Aldi Price Match Campaign, reports The Grocer.
Six 200g chilled dips – that were originally matched at 79p on 20 April – are now out of the campaign and sell for £1.20. They are on Clubcard offer of two for £2.
Eastman’s corned beef also came off the Aldi Price Match offer, rising from £1.11 to £1.25. Meanwhile, six-packs of Tesco pitta bread also rose from 35p to 45p, according to The Grocer.
A spokesperson for the supermarket told the magazine: “We know that now, more than ever, customers want great value when they do their food shop. That’s why we are committed to providing great value for our customers, whether it’s promising low everyday prices on 1,600 staples, price-matching 650 basics to Aldi prices, or offering exclusive deals and rewards through Clubcard prices.”
However, Tesco – who are the UK’s largest supermarket – revealed their CEO Ken Murphy was handed a £4.75 million pay packet in their annual report, released today (May 13). This included a £1.54 million basic salary for the year to February, and also £3.2 million of performance-related bonuses for getting the supermarket through the coronavirus pandemic. Overall, this works out to more than 400 times the wage of an average supermarket worker.
The supermarket’s pre-tax profits rose from £2.03 billion – up from £636 million – in the year ending February 26.
This comes as the Office for National Statistics (ONS) revealed in its latest survey that 41% of adults are cutting back on their grocery shopping due to rising costs. The poll, carried out between April 27 and May 8, showed an increase from the 39% in the last survey in April.
The survey revealed the cost of living was primarily driven by more expensive food as 92% of people reported an increase in price of their food shopping. Food inflation has increased by 5.9% in March and this is expected to jump higher when the latest figures are released next week.