Morrisons slashes prices for the third time to lure shoppers
Morrisons has cut the cost of nearly 500 items, while 600 prices have been locked for the next two months, as it looks to compete with Aldi and help customers during the cost-of-living crisis.
The supermarket giant confirmed it has cut the price of a further 460 products, while 600 items will be price locked for at least eight weeks.
This is the third round of price cuts, after it slashed prices in both January and February and means in total that 1,000 items will not increase in price as they’re locked “to help customers plan their grocery budgets”.
The latest round of cuts on everyday products includes dairy items, fresh meat and fish, fruit and vegetables, as well as freezer goods, baby essentials and pet food.
It said some of the biggest cuts are on Fillippo Berio extra virgin olive oil (500ml), taking the price from £6.49 to £4.50, Meridian crunchy peanut butter (475g), lowered from £3.80 to £3, and Purina ONE cat salmon and rice (800g), now £4.99 from £7.40.
The table below lists some other examples:
Morrisons added that it has invested £148m over recent months to cut prices, both on groceries as well as price cuts on fuel for drivers.
Rachel Eyre, chief customer and marketing officer at Morrisons, said: “In January we cut the price of 1,000 products and committed to keeping them at that price for at least eight weeks. We’re now going again with a second wave of activity to keep prices locked low well into the Spring. Today’s news is further evidence of our commitment to drive down prices and help make a positive difference to our customers’ pockets.”
Morrisons’ price drop follows earlier price hikes
Data from The Grocer revealed that Morrisons hiked prices by almost a fifth in the past year – more than any other major grocer – with it recording double the rise noted at Sainsbury’s.
As a example, a typical shopping basket at Morrisons cost £75 last month, 18% more than this time last year.
Separate analysis from consumer champion Which? last year also found Morrisons was £20 more expensive than rivals for a comparable sample of goods, while research from credit rating agency Moody’s suggested it “rapidly” increased prices in June 2022.
The price hikes could be one reason why customers are switching away from Morrisons towards budget rivals Aldi and Lidl.
Aldi sales have been boosted by Brits looking to cut back on their shopping bills and in September last year, it knocked Morrisons off the spot as the fourth-largest supermarket for the first time.