Tesco PLC (LSE:TSCO) and J Sainsbury PLC (LSE:SBRY) both picked up market share last month as supermarket inflation slowed on demand for promotions, figures showed on Tuesday.
According to Kantar, prices across UK supermarkets rose by 3.3% in January, against 3.7% a month earlier.
Spending on promotions hit £274 million – the highest proportion of sales since January since 2021 – with own-branded goods accounting for a record 52.3%.
Kantar’s figures also showed Tesco and Sainsbury's tightened their grip on the sector, with market shares of 28.5% and 15.9% respectively.
Asda’s share dropped by 1% to 12.6% year on year, while Aldi, Lidl and Ocado were among retailers to grow market share.
Tesco shares climbed by 0.2% on Tuesday, as Sainsbury's edged up 0.9% and Ocado Group PLC gained 0.8%.