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UK Supermarket Asda To Launch New Round Of Price Cuts

By Reuters
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UK Supermarket Asda To Launch New Round Of Price Cuts

British supermarket Asda will on 21 July cut the prices of 226 own label products by an average of 9%, adding to a body of evidence that a surge in UK food inflation is on the wane.

Asda, Britain's No. 3 grocer after market leader Tesco and Sainsbury's, said the latest cuts are across fresh fruit and vegetables, frozen meat and fish products, cupboard staples and ready meals.

Grocery prices are in the spotlight as UK shoppers grapple with a cost-of-living crisis into its second year.

Kris Comerford, Asda’s chief commercial officer said, "We know that families are continuing to feel the pinch financially – especially as they head into the summer holidays - and are looking for help to make their grocery budget stretch further. Whenever there is an opportunity to help them make their money go further by lowering prices we will continue to do so."

Inflation

Signs that inflation is abating are being closely watched by consumers, the Bank of England and lawmakers.

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Food price inflation slowed to 17.3% in June, according to official data, and 14.9% in July, according to industry data.

While all British supermarkets have cut the prices of some staple products in recent weeks, researcher the Institute of Grocery Distribution has cautioned that food price inflation will still be around 9% in December.

Asda's latest cuts were announced ahead of the publication of the competition regulator's review of grocery prices.

The supermarkets deny claims from some politicians, consumer groups and trade unions that they are profiteering.

Elsewhere, Asda recently announced a new partnership with Just Eat, which will enable customers to have dishes from the Asda Café menu delivered to their doorsteps. [Additional reporting by ESM]

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