Tesco warns consumers ‘facing a tough time’; Opec+ to discuss cutting oil output – business live

Supermarket chain says cost inflation remains significant as profits drop, and investors await Liz Truss’s speech at the Conservative party conference

Tesco is also lifting its pay rates for staff.

From 13 November the basic hourly rate of pay in stores will increase by 20p to £10.30 (or £10.98 in London), making a total 8% increase in pay this year.

Customers are seeking out the quality and value of our own brand ranges as they work to make their money go further, whether they are switching from branded products, between categories or cutting back on eating out.

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 ALL Credit of this post going to https://www.theguardian.com

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