Iceland has revealed that it is cutting the price of 500 grocery essentials in the latest competitive move to support shoppers during the cost-of-living crisis.
The price cuts from the frozen food retailer include a 15 pack of Youngs Fish Fingers dropping from £3.50 to £2, Nescafe Coffee 200g from £6.50 to £4.50 and four cans of Heinz spaghetti in tomato sauce from £4 to £3.50, among many other items.
It follows a number of supermarkets that have announced wide-ranging price cuts as they pass on falling commodity costs to customers, such as a £26m investment from Morrisons.
As food inflation has soared dramatically over the past year, supermarkets have been put under increasing pressure to lower costs for consumers – which is now being investigated by the Competition and Markets Authority (CMA) over claims that retailers are profiteering off their customers.
Food inflation slowed for a second consecutive month to 14.6% in June, down from May’s 15.4%, and below the three-month average of 15.2%, according to the BRC-NielsenIQ Shop Price Index.
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Iceland Foods executive chairman, Richard Walker said: “Families are struggling more than ever as the cost-of-living crisis worsens.
“That’s why we’ve invested millions – and will continue to do so – to keep prices low across key weekly shop items.”
He added: “We know we have a responsibility as a business to support our customers in any way we can and offer great value when people need it most.”
The news comes as Iceland is on course to post its highest profits in more than 10 years.
