// Morrisons reduces prices across another 490 products in a bid to rival big-4 grocer Aldi
// The supermarket previously cut prices last month and in January
Morrisons is slashing its prices for the third time in three months as it steps up efforts to lure shoppers back from rival grocer Aldi.
The Telegraph reports that the supermarket is reducing prices on another 490 products, including fresh meat, baby essentials and freezer items, following previous price cuts last month and in January.
Morrisons also said it would be extending a price lock over 1,000 products.
Back in January, the supermarket pledged to hold prices unchanged up until the end of March and is now extending that pledge for at least another eight weeks.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The private equity-owned grocer is cutting and freezing prices in an attempt to claw back customers from Aldi, which overtook Morrisons last year to become Britain’s fourth-biggest supermarket.
This month, news broke that the business has racked up £1.5 billion of losses in the year after being bought by US private equity firm CD&R while the business has also seen a downgrade in its credit rating after recording a dip in sales and profits.
Click here to sign up to Retail Gazette‘s free daily email newsletter
