Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
Supermarkets to freeze and cut prices of grocery items
Isobel Lawrance
21st Jun 2023
Good news for shoppers: supermarkets freezing and lowering prices
Major supermarkets have announced they are freezing the prices of hundreds of products and cutting the prices of many more. Morrisons and M&S have both announced this move, focusing on customer favourites in all their stores across the UK.
It’s no secret that food inflation is at a historic high – 19.1% in the year to May 2023 – and supermarkets easing food cost pressures for customers is a move likely to be welcomed by many.
Morrisons said that it is cutting the price of 47 products by an average of 25% – changes which will be seen both in store and online. Some of the products seeing price cuts include tomatoes, pitta breads and beef mince, as well as staples including cereal and squash.
The chain has reduced the price of many food items in the last few months – with this move being the sixth round of reductions made this year alone. These cuts are being made alongside a further 1,000 products, which will remain price-locked until mid-July. The cuts will be made over the space of the next eight weeks. It will cost the supermarket giant a staggering £26 million – but will mean a lot to shoppers.
Upmarket favourite M&S is also helping out cash-strapped shoppers. Over 200 grocery items are being either cut in price or being frozen. Over 70 food shop staples are having their prices slashed for the next four weeks, with 150 more items being put into a price lock until the Autumn. As with Morrisons, beef mince is one of the items seeing a price freeze.
Avocados, Ciabatta rolls and yogurt are also entering price lock – so your packed lunches are sorted for the foreseeable. Dinner time is also sorted, with sausages, corn on the cobs, cheddar cheese and potatoes also being included.
Although these price cuts are a good sign that food inflation is easing – it remains high. Inflation is the rate at which prices rise – so although inflation is slowing, prices are not yet dropping. This is because inflation falling means prices are still rising, just at a slower rate. As the result of this, customers are unlikely to see permanent price drops for a while.
Which supermarkets would you like to see reduce food prices – and which items would you like to see frozen or slashed in price? Leave your thoughts in the comments!
Does this mean prices are FINALLY dropping a bit?