Tesco, Britain’s biggest supermarket, upgraded its annual profit guidance on Wednesday as food inflation eased and shoppers snapped up both its low price offers and its premium “Finest” ranges. British food prices fell in September for the first time in more than two years in month-on-month terms and the annual rate of food price inflation fell for a fifth month in a row to 9.9%, helping to underpin an improveement in consumer confidence. Tesco, which has a 27% share of Britain’s grocery market, says its overall price rises are lower than headline rates. That has helped drive market share the group said, and it now expects 2023/24 retail adjusted operating profit, its preferred metric, to be between 2.6 billion pounds ($3.14 billion) and 2.7 billion pounds.