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Asda and Morrisons both slash prices in battle to keep customers during cost of living crisis
The supermarkets have cut some of their prices by up to 13%
Asda and Morrisons have cut their prices in a battle to keep customers as the cost of living continues to soar.
Both supermarkets have reported losing customers due to competitive prices from discount retailers such as Lidl, which was recently named the cheapest supermarket in the UK.
So, in response to this, Morrisons recently announced it will be offering an average 13% price cut on more than 500 products, including bread, eggs, cereal, chicken, beef and rice.
The supermarket said the cuts would also cover refrigerated, frozen and store cupboard food, and will affect around 6% of its total sales volume.
Morrisons boss David Potts said: “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.”
Similarly, Asda also announced that it had ‘dropped and locked in’ prices on some products until the end of the year.
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The supermarket said more than 100 products covered by its ‘dropped and locked’ promise ranged from fresh fruit and vegetables to fresh meat and frozen food.
This scheme will see prices drop by 12% on average.
Mohsin Issa, co-owner of Asda, said in a statement: “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.”
This comes after Asda recently expanded its Smart Price line across all of its stores following fierce campaigning from food and poverty activist Jack Monroe, who highlighted how the cost of inflation is affecting financially vulnerable households across the country.
Meg Farren, Asda’s Chief Customer Officer, credited Monroe’s campaign to the decision, saying in a statement: “We want to help our customers’ budgets stretch further and have taken on board the comments about the availability of our Smart Price range made by Jack Monroe.
“We are taking steps to put our full Smart Price and Farm Stores ranges in store and online to make these products as accessible as possible.”