Asda, one of the leading British supermarkets, has announced a fresh round of price cuts in an effort to address the ongoing cost-of-living crisis faced by consumers in the UK. The move comes after similar actions taken by competitors, including Ocado Retail and Sainsbury’s, as the country aims to tackle the rising food prices.
As part of its initiative, Asda has reduced the prices of 425 branded and own-label products, such as nappies, bread, cereals, and sausages, by an average of 11%. The supermarket estimates that this price reduction will cost them approximately £23 million ($29 million).
The decision to implement price cuts is in response to the staggering food price inflation that has afflicted the UK for over a year. In March, food price inflation reached a record high since 1977 at over 19%. Although it has slowed down to 14.9% in July and 12.7% in August according to industry data, the burden of increasing food prices continues to impact households significantly.
The move by Asda follows the footsteps of Ocado Retail and Sainsbury’s, which also announced price cuts recently. Grocery prices remain under scrutiny as people in the UK struggle with the consequences of the cost-of-living crisis.
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