On Thursday, Asda, a British supermarket, joined the ranks of its competitors, Ocado Retail and Sainsbury’s, in revealing a new series of price reductions. This further contributes to the ongoing decline in the trajectory of food inflation in the UK.
As the cost-of-living crisis persists into its second year, the focus on grocery prices continues to remain intense for Britons.
Announcing a reduction in prices, Asda, the third largest grocery chain in the UK, revealed that it has lowered the costs of 425 products, both branded and own-label, including items like diapers, bread, cereals, and sausages. On average, these price cuts amount to 11%.
This action is incurring a cost of 23 million pounds ($29 million), according to the company’s statement.
On Wednesday, both Ocado Retail and Sainsbury’s disclosed reductions in prices.
In March, food price inflation in the UK surged to its highest level since 1977, surpassing 19%. However, this official metric gradually eased to 14.9% by July. Despite industry data indicating a decrease to 12.7% in August, the persistent increase in food prices continues to exert significant financial pressure on numerous households.