The Big 4’s price wars continue to drive down the cost of everyday items as Morrisons slashes prices by over 10 per cent.
Morrisons stated it would cut meat, fruit and vegetable prices by an average of 12 per cent this week, in its latest bid to gain a foot hold in the escalating price wars.
Dubbed the “Price Crunch” campaign, this follows the supermarket’s discounting of over 1000 products last month including toiletries and seasonal fruit by up to 18 per cent.
The continuing deflation of supermarket prices helps to quash the public and the Bank of England’s fears over import costs rising following the Brexit referendum.
Many analysists and retailers anticipate the effects will start to be felt over autumn when the supply of home-grown produce decreases and the UK markets are forced to outsource their goods.
According to a survey conducted last week, manufacturers are already feeling the cost of the weak pound which raised the cost of raw materials, despite increasing exports. This cost will have to be passed onto clients.
The fight back against Aldi and Lidl has seen Morrisons already cut 4435 prices, attempting to edge back its market share rapidly being lost to the European discount stores.
Sainbury’s and Tesco have adopted a similar method to win back customers from the disruptive pair.