Tesco has reported an increase in annual sales but profits have halved as it struggles with higher costs.
The UK’s largest supermarket said customers had had an “incredibly tough year” as prices rose at their fastest pace in 40 years.
While sales rose 7% to £66bn, pre-tax profit fell to £1bn as shoppers went to the supermarket more but put fewer items in their baskets. But there are signs of a slowdown in prices as retailers lowered the price of milk.
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