Supermarket giant Morrisons has followed in ASDA's footsteps with a change to its pricing system. Earlier today, ASDA announced a major shift in its prices for hundreds of products.
Now Morrisons has followed suit. Morrisons has cut the prices of hundreds of products including eggs, beef and nappies amid the rising cost of living. The UK’s fourth-largest supermarket 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.
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.
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“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."
A 30-pack of own-brand eggs will sell for £2.99 instead of the previous £3.40, while a pack of paracetamol will cost 29p, down from 65p. Shoppers can also buy a 430g pack of Morrisons British diced beef for £3.59 rather than £3.99, and a 33-pack of Nutmeg-brand nappies for £1.29, down from £1.40.
More than 180 additional products have also been included in new promotions such as ‘buy two for £1.80’ on cereals, ‘buy two for £3’ on breaded chicken and ‘buy two for £5’ on ready meals. 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.
