Dublin: Tesco is announcing massive price cuts on grocery items beginning this morning, according to company sources. Tesco Ireland has announced price reductions for over 700 products.
Ireland has seen prices rise by over 16%. Grocery prices have been steadily rising since the beginning of last year.
In recent weeks, prices have been slashed on everyday items such as milk, butter, and bread, and this morning Tesco announced an average 10% price cut across more than 700 products across its stores, from food to household and beauty products.
Tesco management said the company is committed to helping its customers, and Tesco has made it clear that as its suppliers cut costs, those profits will be passed on to customers.
Other retailers and product companies are likely to cut prices again in the coming weeks, resulting in a significant price drop in Ireland. Even for rice coming from Kerala, a company has announced a discount of more than four euros per 10-kg packet.
Tesco’s latest move will compel all of the market’s major players to announce additional discounts.
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