SUPERMARKET giant Tesco has been accused of “raking in mountains of cash” while families struggle to survive.

The accusation came from Unite general secretary Sharon Graham after Tesco announced it had made profits of £2.83 billion in 2023/4 — up more than £300 million from the previous year.

During this period inflation in Britain reached more than 11 per cent — and food price inflation was even higher.

Revenue reached £68.19bn, not including VAT and fuel sales, an increase of £2.86bn from the same period a year before.

Responding to the figures, Ms Graham said: “Tesco is raking in mountains of cash while families struggle to put food on the table because of sky-high prices.

“Many companies have used the cost-of-living crisis to grab excessive profits.

“There is an epidemic of profiteering in our economy — the government has been missing in action and failed to curb it.”

Tesco chief executive Ken Murphy, whose pay package last year was £4.44m, said the retailer had “worked hard to reduce prices” and more shoppers had been attracted due to “improvements in product value and quality.”

Tesco is Britain’s biggest supermarket chain with 27 per cent share of the market.

Last year the company was accused of “greedflation” — using high inflation to disproportionately increase prices and boost profits. 

But the government’s Competition and Markets Authority (CMA) said historically high food costs were not driven by weak competition among shops and rising costs had not been passed on in full to shoppers.