Morrisons is cutting prices for the second time this year, despite hiking prices more than any other major UK supermarket.
The supermarket giant is set to invest £25 million to reduce prices by an average of 19% across a further 64 items including own-brand fresh produce like salad vegetables, carrots and potatoes as well as cupboard essentials such as rice and coffee.
This follows on from Morrisons’ price reduction of 820 products in January on items including pears, potatoes, aubergines, sandwich fillers and sirloin steaks, which saw 20% price drops on average.
Subscribe to Grocery Gazette for free
“We are just seven weeks into 2023 and already this is our fifth significant price activity of the year,” Morrisons chief executive, David Potts told the Telegraph.
“These latest price cuts follow hard on the heels of two notable in store price cuts involving well over 1,000 products, and two strong fuel promotions, demonstrating our determination and commitment to make a positive difference to our customers’ pockets.”
However, this comes as Morrisons was found to have raised its prices more than any other major UK supermarket last year, causing shoppers to switch to other grocery retailers.
According to reporting by This is Money, credit rating agency Moody’s said Morrisons had “rapidly” hiked prices in June and was the only supermarket giant to raise prices faster than Lidl and Aldi.