Waitrose and Aldi have announced further rounds of price cuts today as inflation pressures in the sector continue to ease.
Waitrose is reducing the cost of 250 products by an average of 10%, including everyday foods like pasta, cheese, chicken, sausages and potatoes. It marks the third time this year the chain has cut prices as part of a £100m investment.
“Giving our customers good value for money is a priority, and we continue to work hard to keep our prices low, whilst maintaining our quality and supporting our fantastic farmers,” said Charlotte Di Cello, Commercial Director for Waitrose.
“As well as lowering the prices of hundreds of products, we’re also passing on additional savings to our customers when the prices we pay fall due to food inflation dropping. We’ve already lowered the prices of dairy products, household goods like toilet paper, and canned vegetables as a result of inflation falling on those items.”
Meanwhile, Aldi has lowered the prices on a wide range of fruit and veg products, including bananas, apples, spinach and courgettes. The reductions – the biggest round of cuts the discounter has announced this year – represent around one-third of its produce range, with 55 items falling by an average of around 11%.
Julie Ashfield, Managing Director of Buying at Aldi UK, said: “Our promise to our customers is that we will always keep our prices as low as possible. We remain fiercely committed to doing that – now and always.
“This latest price drop is part of our efforts to make healthy, high-quality groceries accessible to everyone. That will always be our mission, and it’s why we continue to see shoppers switch to Aldi.”
After hitting the 1,000-store mark in the UK last week, Aldi pledged to keep its price advantage over rivals despite being challenged by the price-matching schemes of Tesco and Sainsbury’s.
While all the major supermarkets have reduced the prices of some products in recent months, analysts have cautioned that further supply chain challenges could add to input costs in the months ahead. Potential issues include poor harvests in the UK and the heatwave in parts of Europe, Russia’s Black Sea Grain blockade, and rice export restrictions from India.
NAM Implications:
- Essential to keep in mind that falling inflation simply means that last year’s and this year’s inflation together represent the increase in shelf prices vs two years ago.
- i.e. prices are still rising but not as fast…
- Leaving many consumers with unmanageable burdens.
- Meanwhile, these price cuts are a little help…
