People Before Profit Condemns Tesco’s Profiteering

Pickets to be held at Tescos Stores on Thursday

People Before Profit today condemned Tesco for profiteering from hard pressed consumers.

Reacting to the announcement that Tesco profits for the first half of 2008 had increased by 10% to €1.8 billion and that the interim dividend will rise by nearly 12% Richard Boyd Barrett said:

“Many people will be appalled by these levels of profits. As families struggle with rising food bills they will question how Tesco can justify these profit levels and an increased pay out to share holders. Rising food prices are hitting the low paid and the poor hardest”.

Mr Boyd Barrett noted that food inflation is 50% higher than the overall inflation rate. Bread prices have increased by 16% in the last year while milk, cheese and eggs have gone up by 18%.

In recent months various surveys have shown that Tesco prices are 20% higher than other stores and are also higher in the Republic than they are in the North of Ireland.

Mr Boyd Barret compared the position of hard pressed families with those of  Tesco Chief Execuitive Terry Leahy.  Last year he received €13 million in pay and bonuses.

People Before Profit will be placing pickets at Tesco Stores on Thursday to highlight rising food prices and to call on the government to take action against profiteering and to control food prices.

Contact Eddie Conlon 087 6775468 for more information

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