Supermarket Morrisons has slashed the prices of around 130 items including bread, cheese and meat as shoppers struggle with cost of living crisis.
Among fresh products in the range to have had their prices cut are bacon, cooked chicken and cheese, as well as fruit and vegetables including apples, pears and potatoes. Frozen ready meals, fish fingers and prawns have also been slashed along with tins of beans, chopped tomatoes and tuna chunks.
The price of a white medium loaf of bread will be reduced from 45p to 39p, while pasta sauce will be down to 39p from 57p, Yahoo reported, adding that the price reductions apply to Morrisons’ own-brand ranges including Savers, Wonky and Essentials.
Cost cuts will also be applied to some cleaning products and essentials too, including toothbrushes, laundry powder and washing up liquid.
The supermarket has invested over £16 million to make these cuts as customers look for help on their weekly shop after the expense of Christmas and as the cost-of-living crisis continues to impact household grocery budgets.
“Our Savers range offers customers great value on the products they buy every day. We want to do all we can to help when it comes to the cost of grocery shopping and by investing in the range and cutting the prices further, our customers will see a noticeable impact on their budgets at a time when they really need it,” Yahoo quoted David Potts, chief executive at Morrisons, as saying.
The news comes as BRC figures today (4) highlights record high figures of food inflation, driven majorly by spiked prices of fresh produce. Food inflation accelerated strongly to 13.3 per cent in December, up from 12.4 per cent in November.
Fresh Food inflation strongly accelerated in December to 15.0 per cent, up from 14.3 per cent in November. This is above the 3-month average rate of 14.2 per cent. This is the highest inflation rate in the fresh food category on record.
Helen Dickinson OBE, Chief Executive of the British Retail Consortium, said that 2023 will be another difficult year for consumers and businesses as inflation shows no immediate signs of waning.
“Retailers will continue to work hard to support their customers and keep prices low. However, further high investment in prices may no longer be viable once the Government’s energy bill support scheme for business expires in April.
Without the scheme, retailers could see their energy bills rise by £7.5 billion. Government must urgently provide clarity on what future support might look like or else consumers might pay the price,” Dickinson said.