Tesco has dropped the price of a key shopping item for the first time since the pandemic began.
Its reduction in the cost of milk is the first time the price has dropped since May 2020, just weeks after Covid took hold.
It means a four pint bottle has reduced from £1.65 to £1.55, two pints from £1.30 to £1.25 and a pint now 90p instead of 95p. Both Aldi and Lidl are still selling them at the higher price.
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The new Tesco prices, described as 'market leading for the UK retail sector', come as the retailer announced it will be locking in prices on more than 1,000 everyday products until July 5.
It says the reduction, which is across all stores and online, is part of its 'commitment to providing great value on family staples' at a time when many households are still feeling the impact of the cost of living crisis.
Tesco UK Chief Executive Jason Tarry said: “We know that customers are still having to budget carefully, so we’re pleased to be able to reduce prices where we can, and also give them a little extra help by locking the prices of more than a thousand everyday products.
"Milk is a key everyday staple for so many families. We’ve seen some cost price deflation for milk across the market in recent times, and we want to take this opportunity to pass that reduction on to customers.
"This will not affect the price we pay our farmers. Our Tesco Sustainable Dairy Group was set up to ensure that farmers across the UK get a fair, independently-set price for the milk they produce for us. Our model gives farmers security when the market price for milk falls below the cost of production and reflects our long-standing commitment to our farmers.
"Whether you’re buying a branded favourite covered by our price lock, stocking the cupboards with essentials from Aldi Price Match, or treating yourself to an exclusive deal with Clubcard Prices – you can be confident of finding great value at Tesco.”
Our weekly price comparison, which has been tracking the cost of the same eight items in the big six supermarkets for more than a year now, shows exactly how much milk has risen.
In our very first comparison back in March 2022, all the retailers - Tesco, Asda, Morrisons, Sainsbury's, Aldi and Lidl - were selling a two-pint bottle of milk for 95p. That has since risen to £1.30.
In our most recent price check, Tesco worked out as second most expensive for the shopping basket, which as well as the milk, includes a loaf of bread, a pack of chicken breasts, a pack of mince, tea bags, coffee, beans and butter. The most expensive was Asda, while cheapest was Lidl.
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