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Supermarkets to freeze and cut prices of grocery items
Jun
Reading Time: 2 minutes
Excellent news for shoppers: supermarkets freezing and lowering prices
Major supermarkets have announced they’re freezing the costs of tons of of products and cutting the costs of many more. Morrisons and M&S have each announced this move, specializing in customer favourites in all their stores across the UK.
It’s no secret that food inflation is at a historic high – 19.1% within the 12 months to May 2023 – and supermarkets easing food cost pressures for purchasers is a move more likely to be welcomed by many.
Morrisons said that it’s cutting the value of 47 products by a median of 25% – changes which might be seen each in store and online. A number of the products seeing price cuts include tomatoes, pitta breads and beef mince, in addition to staples including cereal and squash.
The chain has reduced the value of many food items in the previous couple of months – with this move being the sixth round of reductions made this 12 months alone. These cuts are being made alongside an additional 1,000 products, which can remain price-locked until mid-July. The cuts might be revamped the space of the subsequent eight weeks. It’s going to cost the supermarket giant a staggering £26 million – but will mean so much to shoppers.
Upmarket favourite M&S can be helping out cash-strapped shoppers. Over 200 grocery items are being either cut in price or being frozen. Over 70 food shop staples are having their prices slashed for the subsequent 4 weeks, with 150 more items being put right into a price lock until the Autumn. As with Morrisons, beef mince is one among the items seeing a price freeze.
Avocados, Ciabatta rolls and yogurt are also entering price lock – so your packed lunches are sorted for the foreseeable. Meal time can be sorted, with sausages, corn on the cobs, cheddar cheese and potatoes also being included.
Although these price cuts are a superb sign that food inflation is easing – it stays high. Inflation is the speed at which prices rise – so although inflation is slowing, prices aren’t yet dropping. It is because inflation falling means prices are still rising, just at a slower rate. As the results of this, customers are unlikely to see everlasting price drops for some time.
Which supermarkets would you wish to see reduce food prices – and which items would you wish to see frozen or slashed in price? Leave your thoughts within the comments!
