Both Morrisons and Asda have announced a series of price cuts as the supermarket chains attempt to position themselves as the cheapest option amid the ongoing cost of living crisis.
Morrisons will slash costs on over 500 items, roughly 6% of its range, with prices dropping on the likes of cereal, rice, eggs, and coffee by 13% on average.
Asda, on the other hand, will cut prices on 100 items until the end of 2022 as it continues to try and battle German discounters Aldi and Lidl in a war for the spending of lower-income households. The average price discount across all of the items in Asda’s deal will be 12%.
Asda also vowed to hike wages for 120,000 shop floor staff to £10.10 an hour from July, which, when including the impact of the price drops, will cost the supermarket £73.0m.
The moves come after the German discount retailers were the only supermarkets to see sales increase in the 12 weeks to March, according to data from Kantar.
Asda co-owner Mohsin Issa said: “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.”
