Tesco slashes prices again

The supermarket giant Tesco is to cut prices on 1,000 products from today, extending its promotional campaign launched in September.

Richard Brasher, the chief executive of Tesco's UK operation, gave an upbeat assessment of the earlier Big Price Drop. He said: "If I look at transaction counts and if I look at underlying volume, both of them have improved." However, the latest data showed Morrisons is the fastest growing of the big four grocers.

Tesco is today slashing the price on 1,000 staple items, including vegetables and fruit. Its third-quarter results are on 8 December.