According to Tesco's CEO, there are "encouraging early signs" that the rate of price increases is beginning to slow down as the retail behemoth reported higher sales.
The grocery store reported that UK sales increased by 9% from the same period last year to £10.8 billion in the three months ending in May.
The cost of living has been skyrocketing for households, with food inflation reaching 19% in the year ending in April.
The CEO of Tesco, Ken Murphy, declared that he was "very conscious" of the pressures caused by rising living expenses for consumers.
"There are encouraging early signs that inflation is starting to ease across the market," he continued. ".
Inflation was a "huge factor" in Tesco's most recent financial results, according to Charles Allen, a retail analyst at Bloomberg Intelligence, who was speaking to the BBC's Today program.
Top commodity prices are beginning to decline, but it's crucial to keep in mind that lower inflation doesn't equate to deflation. It simply indicates that prices are increasing less quickly, not that they are decreasing. ".
Supermarkets have recently come under fire for their profits and pricing. After being accused of "greedflation," or inflating profits during the cost of living crisis, Sainsbury's retaliated last month.
Supermarkets' exorbitant prices for food and fuel are under investigation by the UK's competition watchdog, the Competition and Markets Authority.
