Supermarket giant Morrisons has today (19) slashed the price of 47 products by an average of over 25%, in a sign that a surge in inflation might be set to abate.
Britain’s fifth biggest supermarket said it was cutting price tags across all its 499 stores on items including mince, tomatoes and butter as well as squash and cereals.
The chain has a store at Victoria Retail Park in Netherfield.
Morrisons pledged to hold the latest prices for at least eight weeks.
This is the chain’s sixth round of reductions in 2023 and will invest £26 million in the latest price cuts.
Customers are desperate for relief in their weekly food bills, with the most recent official data showing that food inflation struck 19.3% in April, dipping only slightly from March’s eye-watering 19.6% and remaining close to the highest rate for more than 45 years.
The next set of Consumer Prices Index figures are out on Wednesday and experts at Pantheon Macroeconomics are expecting food inflation to have slowed to 18.2% in May.
This is set to bring down the wider level of UK inflation to 8.5% in May from 8.7% in April, according to Pantheon’s senior UK economist Samuel Tombs.
This would still be higher than the Bank of England’s expectations, however.
Kantar’s latest grocery market data on Tuesday will also provide further insight into food prices and sales.
