Asda has increased the price of its own-brand milk as food inflation soared to a record breaking 11.6% in October, pushing up the prices of essential items.
As a result, the supermarket giant hiked the price of its four-pint bottle of milk on 1 November up 10p to £1.65.
This comes following previous price rises across its own-brand milk lines this year, including its one-pint bottle which has seen a 6p increase to 95p, its two-pint bottle up 5p, now costing £1.30 and its six-pint milk offering up 16p to £2.35.
Yesterday (3 November), Iceland’s managing director Richard Walker said food price rises “will get worse” and that the frozen food retailer is absorbing the price increases of some essential products, adding “we don’t make money on milk”.
Speaking on the BBC Radio 4 Today show, when questioned on if Iceland’s current 89p priced milk will soon rise to £1, he said that he “doesn’t know” but is “working day and night” to keep prices lower adding that “food insecurity is inevitably on the rise and it’s the households with kids who are most at risk.”
This will see the retailer locking the prices of over 100 customer favourites until the end of January 2023, as 61% of its shoppers prioritise value as the most important factor when deciding where to shop.