// Morrisons kicks off fourth round of price cuts since the start of the year
// Chief executive David Potts said the recent cuts are the first of many ‘deflation dividends’
Morrisons will cut the price of breakfast essentials by more than half as it kicks off its fourth wave of price cuts since the start of the year.
Chief executive David Potts told The Telegraph the move was the first of many “deflation dividends” that shoppers would see over the next few months.
White, wholemeal and granary rolls will be 56% cheaper from Monday, whilst cornflakes will drop 46% in price and coffee will fall 27%.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Potts said Morrisons was “on the front line of commodity prices” as, compared to other supermarkets, it also owns food factories.
“We’ll look to pass on any easing to our customers quickly,” he said.
“This week we’re launching our fourth wave of price cuts this year, including a number of products that we make or prepare ourselves.
“In particular bread rolls and cheese will be down very significantly in what we believe will be the first of many ‘deflation dividends’ for our customers.”
This comes as rocketing food prices were blamed for the recent interest rate increase by the Bank of England.
Last week, supermarkets promised ministers that prices had peaked and would start to fall in the coming months.
Click here to sign up to Retail Gazette‘s free daily email newsletter
