Food inflation hit a new record high last month as the average price of food and non-alcoholic beverages saw the biggest increase in over 45 years, continuing to put pressure on household budgets up and down the country.
At a time when shoppers are really feeling the squeeze on their wallets, supermarkets are ramping up their money-saving schemes, announcing a wide range of attention-grabbing offers on a weekly basis, covering everything from price locks and freezes to cuts, value offerings and price matching.
Faced with so much choice on how to save some pennies during the weekly food shop, it’s easy to lose sight of what each retailer is really offering. Grocery Gazette rounds up what pricing initiatives are on offer from the UK’s leading grocers.
Tesco’s price lock extension
In February, Tesco added 50 own-label lines to its Aldi price-match campaign, which now features over 660 products including breakfast cereals, canned beans and pasta sauces.
The UK’s biggest retailer also extended its price lock on over 1,000 branded and own label products until 5 July, across items including Yorkshire Tea, McCain Oven Chips, Cushelle Toilet Tissue, Kenco Smooth Instant Coffee and Tesco Orange Squash.
“We know that customers are still having to budget carefully, so we’re pleased to be able to reduce prices where we can, and also give them a little extra help by locking the prices of more than a thousand everyday products,” Tesco UK chief executive, Jason Tarry said of the price lock at the time.
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Sainsbury’s Pocket Friendly Prices
In January, Sainsbury’s increased the range in its Aldi Price Match campaign to 310 listings as part of its biggest ever push, adding select own-brand cereals, coffee, soups and fruit.
Rolling out its value offerings further – and going some way to address concerns that local stores are more expensive – Sainsbury’s later unveiled a new ‘Pocket Friendly Prices’ campaign across its convenience stores. Launching across 800 Sainsbury’s Local sites, the push will “highlight low prices on everyday essentials” such as own-brand chicken breast fillets, butter and baked beans.
“We’re committed to doing everything we can to support customers with the rising cost of living,” a Sainsbury’s spokesperson told Grocery Gazette.
The Big 4 grocer also recently introduced a new loyalty initiative, Nectar Prices, which looks to compete with Tesco’s Clubcard scheme. Offering customers discounts on over 300 items initially, the scheme spans across household products, pet food and confectionery.
M&S’ price lock guarantee
M&S recently extended its price lock guarantee on over 100 customer favourites until summer, including Select Farms British White Mushrooms, Select Farms Easy Peeler Satsumas and family essential washing up liquid.
“Listening to customers right now, value remains firmly top of the list. That’s why our priority is delivering our trusted value promise – offering the best possible quality at the best possible price,” said managing director at M&S Food, Alex Freudmann.
“By extending our price lock until summer, we’re giving customers certainty on the products they love to shop… Customers shopping our Remarksable products can be confident each is price benchmarked against key competitors but still sourced to the highest standards. We’ll never compromise on that.”
The price lock sits alongside the retailer’s Remarksable Value range which first launched in 2019. This offers over 100 everyday staples price benchmarked against key competitors on items such as Vitamin-D enriched Super Soft Wholemeal Medium Sliced Bread and Corn Flakes.
Morrisons’ price locks, cuts and loyalty
In March, Morrisons rolled out price cuts across 490 products, including select fresh meat, baby essentials and freezer items and extended a price lock on over 1,000 products until at least mid-May.
The move follows its initial price cuts to 820 products earlier in the year, as well as an intial price lock price lock and a £25 million investment to reduce prices by an average of 19% across own-brand fresh produce and store cupboard essentials such as rice and coffee.
Morrisons has also announced that it will be re-launching and re-branding its Savers range with new blue and white packaging which would draw more shoppers to the lower-priced products.
Last month, Morrisons relaunched its Morrisons More card, allowing it to offer loyalty scheme members discounted prices. Kicking off the new pricing initiative trial across more than 20 stores in the north east of England, the supermarket has a full rollout marked for this summer.
Waitrose everyday low prices
In February, upmarket retailer Waitrose invested £100 million to lower the price of over 300 everyday lines across the supermarket’s own-brand range, ‘Essential Waitrose’, cutting nearly a quarter of prices by 20% or more.
Looking to make its “lowest prices even lower,” items such as British roast ham saw a reduction of 33%, while British cheddar, pork sausages, savoy cabbage, frozen peas, carrots, teabags, butter and tuna chunks also saw price cuts.
Waitrose executive director, James Bailey said the retailer understands that “getting value for money has never been more important for everyone“.
“[The price cuts] means our customers can enjoy greater value in every shop, and by lowering prices in our Essential range we’re making our lowest prices even lower.”
Ocado’s Price Promise
In March, Ocado launched a new Price Promise which compares prices against over 10,000 like-for-like products at Tesco.
The products featured in the commitment include both branded favourites such as Yorkshire Tea, Oat-ly, Tropicana orange juice and Heinz Tomato Ketchup, as well as Ocado Own Range items, all of which are labelled with a red £ sign on its website.
Co-op’s low price investments
Co-op introduced cheaper prices exclusively for members of its loyalty programme, Co-op Membership last month, claiming it could save shoppers as much as £300 per year.
The convenience retailer also announced plans to invest a further £15 million in May to keep prices lower, bringing the total amount invested to over to £25 million in the last six months.
Iceland’s frozen meal savings
Iceland Foods unveiled a new selection of savings across its frozen meal range last month, including a ‘3 for £10’ offer on frozen fish, and a ‘3 for £10’ on frozen meat.
Until 15 May, the frozen food retailer is offering shoppers savings of £1 on frozen branded favourites including chicken burgers, pizza pockets, salt and pepper fries, vegetarian sausages and Magnums.
Iceland also continues to offer its Bonus Card, which gives customers a £1 bonus for every £20 topped up with the card.
Amazon Fresh Price Cut
Amazon Fresh is continuing to cut prices until 24 May, with reductions of up to 40% on everyday essentials and household brands.
The Price Cut promotion includes products such as Yorkshire Tea, Tropicana Orange Juice, Amazon British Cumberland Pork Sausages and Pimm’s.
