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Morrisons cuts prices of over 500 products

·Finance Reporter, Yahoo Finance UK
·3-min read
The move from Morrisons comes as shoppers are increasingly turning to cheaper own-brand products. Photo: Nathan Stirk/Getty
The move from Morrisons comes as shoppers are increasingly turning to cheaper own-brand products. Photo: Nathan Stirk/Getty

Morrisons has cut the prices of more than 500 products including eggs, beef and rice to help customers with the rising cost of living.

A 30-pack of own-brand eggs will sell for £2.99 instead of the previous £3.40, while a pack of paracetamol will cost 29p, down from 65p. Shoppers can also buy a 430g pack of Morrisons British diced beef for £3.59 rather than £3.99, and a 33-pack of Nutmeg-brand nappies for £1.29, down from £1.40.

Other items being discounted include cereal, cooking sauces, chicken and sausages as well as flour, bread and ham. The supermarket group said the average saving was 13%.

The group has also introduced new "multi save" promotions, such as "buy two for £1.80" on cereals, "buy two for £3" on breaded chicken and "buy two for £5" on ready meals.

Read more: From milk and bread to iPhones: How retail prices are rising in the UK

The supermarket also has a new "Compare & Save" campaign to help shoppers identify savings that can be made by swapping branded items for Morrisons' own brand products.

The price changes, which it says account for around 6% of its total volume of sales, have been introduced after the store noticed shoppers were turning in greater numbers to own-brand lines — which tend to be cheaper.

Morrisons chief executive David Potts said the price drops would make a noticeable difference to consumers.

He said: “We know that our customers are under real financial pressure at the moment and we want to play our part in helping them when it comes to the cost of grocery shopping.

“These price cuts will have a noticeable and long-term impact on our customers’ budgets and demonstrate our commitment to offering them the best possible value.”

Surging prices are causing the biggest squeeze on UK household incomes since at least the 1950s.

UK grocery price inflation hit 5.2% in the 12 weeks to 20 March, its highest level since April 2012, according to research firm Kantar.

Read more: Asda pledges £73m to keep prices low

Along with Asda, Morrisons has been one of the supermarkets hardest hit by shoppers spending less, with Kantar saying the Bradford-headquartered supermarket saw sales drop 11.5% in the last three years.

Meanwhile, rival Asda has also promised to offer more low-cost goods in its shops. Asda announced it will invest £73m to help UK consumers and staff weather the cost of living crisis as inflation squeezes household budgets.

The grocer said it "dropped and locked" the price of over 100 family favourites until the end of 2022. Popular products included in the measure include fresh fruit and vegetables, fresh meat, tea bags, rice and cheddar cheese. The price of John West tuna set to fall by 14% to £3 and the price of own-brand rice falling by 25% to £1 for 500g.

The average price discount across all of the items in Asda's deal will be 12%.

Morrisons is the UK's fourth-largest supermarket after Tesco (TSCO.L), Sainsbury's (SBRY.L) and Asda.

Watch: How does inflation affect interest rates?

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