Iceland has joined the growing wave of supermarkets announcing food price cuts as costs ease, adding to evidence that soaring inflation in the sector is past its peak and should continue falling for the rest of the year.
The frozen food specialist is reducing the cost of 500 everyday essentials as part of a £26m investment in lowering prices over the course of 2023. The cuts cover both branded and own-label products.
Iceland is also extended the number of items available in its Mix & Match multibuy offering, which now covers a third of its range.
Richard Walker, Iceland’s Executive Chairman, commented: “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. 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.”
Earlier this month, the retailer told bondholders that it was on track to deliver its highest profit in over a decade, thanks partly to its success in attracting cash-strapped shoppers.
NAM Implications:
- Another essentials price-cut player.
- A pointer for all…
- And an increasing need to extend the price-cut range…
