Asda cuts prices of own-label products

ASDA has announced price cuts on more than 200 products as the UK’s inflation pressure eased but remained at elevated levels.

The retailer said it reduced the prices effective from Friday (21) on 226 own-label products by an average of nine per cent in response to the cost of living squeeze its customers are experiencing.

The products featured in the price cuts include fresh fruit and vegetables, cupboard staples, popular ready meals, and frozen meat and fish products.

Asda’s chief commercial officer Kris Comerford said the company was aware that households who continued to “feel the pinch financially” were “looking for help to make their grocery budget stretch further.”

“Whenever there is an opportunity to help them make their money go further by lowering prices we will continue to do so,” he said in a statement on Thursday (20).

In June, the annual rate of inflation moderated more than expected, dropping below eight per cent, according to official data released on Wednesday (19).

The Office for National Statistics (ONS) said in a statement that the Consumer Prices Index rose by 7.9 per cent annually, down from 8.7 per cent in May as food price inflation eased.

However, the UK’s price growth remained the highest among G7 nations.

ONS chief economist Grant Fitzner said, “Food price inflation eased slightly this (June) month, although it remains at very high levels".