LONDON — The "worst is still to come" over
soaring food prices,
Britain's biggest retailer Tesco has warned as fears grow
over a cost of living crisis caused by decades-high inflation.
اضافة اعلان
John Allan, chairman of the supermarket giant, warned Sunday
that prices of Tesco products could spike by an average five percent in the
coming months, further squeezing household budgets.
Britain is experiencing the highest rate of annual inflation
in nearly 30 years, while the cost of living is set to soar further from April
owing to a tax hike on
UK workers and businesses plus increases in energy
bills.
"The worst is still to come because ... we are impacted
by rising energy prices. Our suppliers are impacted by rising energy
prices," Allan told the BBC.
"So the likelihood is that that inflation trigger will
rise but we're doing all we can to offset it."
The
British government last week unveiled financial support
for households after the UK energy regulator lifted prices to reflect the
soaring natural gas and electricity markets.
British trades union umbrella body the TUC on Monday said
that one in eight workers would struggle to afford the basics in the coming
months, citing its own survey.
"Millions of low-paid workers face a perfect storm this
April," said TUC general secretary Frances O'Grady.
"The government must do far more to help struggling
families get through the tough times ahead."
UK annual inflation stands at 5.4 percent, far above the
Bank of England's 2-percent target.
The bank last week delivered a successive interest rate hike
— and forecast Britain's annual inflation rate would peak at 7.25 percent in
April.
Read more Business
.jpg)
.jpg)
