Asda and Morrisons cuts prices amid cost of living crisis
The supermarkets, both based in West Yorkshire, have made cuts to hundreds of items
Last updated 25th Apr 2022
Morrisons and Asda have both cut prices on hundreds own brand items, to help customers deal with the cost of living crisis.
Morrisons says their cuts include eggs, beef and nappies amid the rising cost of living, while Asda is investing millions in cutting the price of tea bags, rice and cheese
Morrisons said it has lowered the cost of more than 500 products - including refrigerated, frozen and store cupboard food, meat and cereal - accounting for around 6% of its total volume of sales.
Shoppers turning to more own-brand products
The move comes as shoppers are increasingly turning to cheaper own-brand products, while the cost of groceries is now 5.2% higher than a year ago, according to data analytics company Kantar.
Morrisons chief executive, David Potts, said the price drops would make a noticeable difference to consumers.
"We know that our customers are under real financial pressure at the moment and we want to play our part in helping them when it comes to the cost of grocery shopping," he said.
"These price cuts will have a noticeable and long-term impact on our customers' budgets and demonstrate our commitment to offering them the best possible value."
Asda increases wages alongside cutting prices
Asda added that the investment means shop floor workers will see their hourly rate increase to £10.10 from July.
The moves come a week after the company said it will axe its Smart Price range and replace it with new Just Essentials by Asda products, which it said comprises a broader range of products.
Mohsin Issa, co-owner of Asda, said: "We know that household budgets are being squeezed by an increasing cost of living and we are committed to doing everything we can to support our customers, colleagues and communities in these exceptionally tough times.
"We're standing side by side with the families and communities who are juggling so many demands at the moment.
"We're taking unprecedented action to give families some additional stability and certainty in their weekly shopping by lowering and locking over 100 prices until the end of the year.
Along with Asda, Morrisons has been one of the supermarkets hardest hit by shoppers spending less, with Kantar saying the Bradford-headquartered supermarket saw sales drop 11.5% in the last three years.