Tesco’s CEO has warned that the ongoing clashes in the Red Sea could reignite calming inflation for some consumer products.
Tesco PLC chief Ken Murphy said today that disruption in the Red Sea – a major shipping artery for passing goods between Europe and Asia – would extend shipping times.
That, in turn, could drive up shipping costs, which may end up being passed onto consumers just as they recover from 2023’s sky-high inflation.
He said: “If they do have to go the whole way around Africa to get to Europe, it extends shipping times, it constrains shipping space and it drives up shipping costs.
“So that could drive inflation on some items, but we just don’t know.”
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