Supermarket launches fresh round of price cuts
- By Reuters -
- Aug 24, 2023
LONDON: British supermarket Asda on Thursday followed rivals Ocado Retail and Sainsbury’s in announcing a fresh round of price cuts, adding to the downward trajectory in UK food inflation.
Grocery prices remain in the spotlight as Britons grapple with a cost-of-living crisis stretching into its second year.
Asda, Britain’s third largest grocer, said it had lowered the prices of 425 branded and own-label products, such as nappies, bread, cereals and sausages, by an average of 11%.
It said the move was costing it 23 million pounds ($29 million).
Ocado Retail and Sainsbury’s announced price cuts on Wednesday.
UK food price inflation reached its highest since 1977 in March at over 19%. This official measure slowed to 14.9% in July and, while industry data showed it at 12.7% in August, rising food prices remain a major strain on the finances of many households.
($1 = 0.7874 pounds)