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Unilever: 'Supermarket prices will increase'

Unilever has said an increase in prices because of Brexit is inevitable Credit: PA

Goods manufacturer Unilever has admitted prices of its products will rise as sterling continues to collapse.

Unilever finance chief Graeme Pikethly said he hopes the company's price dispute with Tesco will be "resolved very quickly".

But Mr Pikethly insisted that, as the UK accounts for 5% of turnover, prices must increase in supermarkets due to the falling value of sterling.

Since the EU referendum on June 23, the pound has lost nearly 18% of its value against the dollar.

Unilever CEO Paul Polman warned in June that a vote to leave the EU's single market would increase prices for consumers.

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