M&S slashes the price of over 200 items
M&S is the latest supermarket to cut the cost of over 200 food products to help customers with rising prices, it has confirmed.
This will include 70 ‘family staples’ and its existing price lock on 150 items will be extended again until autumn.
Products including beef mince, salmon, avocados, and Ciabatta rolls are included in the latest round of price cuts.
Examples of reduced items include a 500g pack of beef mince which has been cut by 5% to £3.30 (from £3.50), a 500g pot of Greek-style yoghurt down 12% to £1.10 (from £1.25), a can of chickpeas which has been reduced by 25% to 60p (from 80p), and antibacterial handwash which is now 20% cheaper at 80p (from £1).
The M&S price lock, which has already been extended, will now remain in place until the autumn.
Within the price lock are items such as a pack of eight outdoor-bred British pork sausages for £2, a pack of two super sweet corn on the cob for £1.40, a 225g packet of traditional coleslaw for £1.25, and a 1kg bag of Select Farms Season’s Gold potatoes for £1.65.
It also has a ‘Remarksable Value’ range of own-brand items which was launched in 2019. It said sales of this range are up 40% and over 20% of customers have bought items from this range in the last year.
The majority of UK supermarkets have cut prices this year or introduced new discount or loyalty schemes to help customers with rising prices.
Waitrose, for example, cut prices last week on over 200 items and Morrisons announced another price cut today. Yet despite falling prices, food inflation is still at 16.5%, according to the latest data from Kantar.
‘Value is everything to our customers’
Alex Freudmann, managing director at M&S Food, said: “We know value is everything to our customers right now, and while they’re looking forward to a great summer, they’re also looking for certainty on spending. Our latest price investment across 200 products upholds our trusted value promise and delivers on that certainty.
“We’re determined to keep up the pace for our customers. Our value perception is at its highest point in six years because we are relentlessly focused on price with no compromise to the magic of M&S Food – our market leading product quality, innovation and sourcing standards.”
In February this year, M&S was crowned as the best supermarket for in-store performance by Which? with a score of 77%. It was closely followed by Aldi and Waitrose which both had a score of 73% in the annual survey from the consumer champion.