Morrisons follows Asda, Tesco and Saisnbury's in slashing prices of everyday items
Morrisons has announced it will slash the price of 47 everyday products by more than a quarter on average.
It comes after fellow supermarket giants such as Asda and Tesco have also slashed the price of everyday goods and food products. Britain's fifth-largest grocery chain announced the price cuts for Monday across all 499 location in the UK. The price cut will affect items such as mince, tomatoes, butter, and staples such as squash and cereals. Morrisons pledged the latest prices will be held for at least eight weeks.The move reflects hopes about the UK's food inflation passing its peak, after Tesco boss Ken Murphy issued an optimistic message last week stating that there were 'early signs' it was starting to ease. The most recent official data showed that food inflation reached 19.
With the next Consumer Price Index figures being released on Wednesday, experts have suggested food inflation could have dropped to 18.2 per cent in May. However, this would still be higher than the Bank of England's expectations for this period. On Friday last week, Tesco announced a reduction in the price of milk, bread, and pasta over the past month. Meanwhile, Sainsbury's recently cut the price of its own-brand toilet paper by up to 11 per cent, saying the cost of pulp used to make the paper had dropped for the first time in two years.
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