Tesco's boss has taken aim at global suppliers for considering price increases in order to prop up profits in the wake of the pound's collapse.
It is the first time that Chief Executive David Lewis has spoken publicly since Tesco's spat with Unilever last month, when the supermarket reportedly refused to bow to a 10% wholesale price rise to offset a drop in sterling.
Tesco briefly withdrew cupboard staples including Marmite and PG Tips from shelves before Unilever announced that the dispute had been "successfully resolved".
Unilever had earlier warned that price hikes would be implemented to cover the cost of imported goods after sterling dropped nearly 20% against the dollar and 15% against the euro.
Mr Lewis - who worked at Unilever for 28 years - said price increases should be "justified" and not be made in an effort to prop up profits so that they look appealing to investors.
He said exchange rate volatility is normal in many markets.
"The only thing we would ask of companies that are in that position is they don't ask UK customers to pay inflated prices in order that their reporting currency is maintained. They don't do that for countries outside of the UK," the chief executive said.
Mr Lewis said multinational businesses are able to report earnings in a way which accounts for current and constant exchange rates, giving them an opportunity to strip out the effect of volatility in the value of sterling.
