Iceland has committed to freeze the price of over 60 of its £1 value lines to support its customers facing a cost-of-living squeeze from rising energy and food costs, increased taxes, and wider inflation.
Richard Walker, Managing Director of the frozen food specialist, said the move will support shoppers who are “feeling the pinch” after inflation in the UK hit a near 30-year high of 5.4% in December.
The supermarket’s price lock promise covers items such as frozen vegetables, pizzas, chips, ready meals and ice creams, alongside other store cupboard and fresh essentials.
Walker added: “We hope this price promise brings some reassurance to those who are concerned about their finances in the year ahead, and will help to keep weekly grocery shopping as affordable as possible.”
Alongside Christmas trading updates issued this month, Tesco, Sainsbury’s and the discounters all promised to keep food inflation to a minimum to support cash-strapped consumers. The pledges suggest the sector faces a price war at a time when suppliers are looking to pass on higher commodity and supply chain expenses.
NAM Implications:
- Rivals ‘promised to keep food inflation to a minimum to support cash-strapped consumers’…
- …is not the same as ‘freezing prices’.
- One up for Iceland…
- A pointer for others?
