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Tesco CEO not Optimistic About Inflation

Retail

There is indeed huge income in retail, but we cannot talk about the extra profit, which Tesco must also pay into the state coffers this year and next, Zsolt Pálinkás, CEO of Tesco-Global Zrt., told portfolio.hu.

The sector also finances the costs of the price cap, however, the official prices introduced for certain foods are unsustainable in the long term due to their market-distorting effect.

The head of the department store chain is not at all optimistic about inflation. He believes that some sectors should prepare for a recession.

Tesco is also sensing the downward trend in purchasing. For instance, customers who previously preferred a premium product are now trying a different category, including the cheaper versions, and the age of instant discounts is also coming, he added.

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