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UK's Tesco not seeing significant food inflation from Iran war

The chief executive of Tesco TSCO.L, Britain's biggest food retailer, said he was not yet seeing any meaningful inflation coming through from the Iran war on groceries, and the conflict's impact so far had just been on fuel prices.

April 16, 2026

James Davey and Sarah Young

UK's Tesco not seeing significant food inflation from Iran war

A photo of a Tesco supermarket courtesy of Unsplash via Wix.

Shashank Verma/Unsplash via Wix

LONDON - The chief executive of Tesco TSCO.L, Britain's biggest food retailer, said he was not yet seeing any meaningful inflation coming through from the Iran war on groceries, and the conflict's impact so far had just been on fuel prices.


"We are not seeing any meaningful inflation coming through, with the obvious exception of the cost prices we've seen on fuel," CEO Ken Murphy told reporters on a call on Thursday after the company published annual results.


UK grocery inflation held at 4.3% in the four weeks to March 22, according to data from researcher Worldpanel.


Murphy said he did not recognise a figure published by trade body the Food and Drink Federation which warned food prices will be rising by almost 10% by December.


-Reporting by James Davey, writing by Sarah Young, editing by Paul Sandle/Reuters

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