Tesco has cut the price of its milk for the first time since May 2020, a possible indication that price rises for a weekly shop could be starting to ease. The supermarket giant has announced a reduction in the price of its four pint bottle from £1.65 to £1.55 starting from Wednesday, while two pints will be cut by 5p to £1.25 and a single pint will also drop by the same amount to 90p.
The company cited a drop in the cost of buying in milk as the reason for the reduction and says it wants to pass that reduction on to customers. The cut comes amid a rise in food inflation in recent months with milk prices having risen by 43% on average from February 2022 to February this year, putting pressure on household budgets.
However, Tesco’s price cut would not affect the price it pays to its farmers, the company said. Additionally, the supermarket chain said it was “locking in” prices on over 1,000 everyday products until 5 July, including Yorkshire Tea, chips, and Shredded Wheat.