Waitrose announced a round of price cuts for the second time this year as it tries to help consumers at a time when food inflation in the UK is near its highest rate in more than 45 years.
The upmarket grocer will reduce the price of over 200 products, with half of the prices lowered by at least 10%, as part of a £100 million ($126 million) investment, the company said in an emailed statement. Its move follows a similar bid to win over shoppers in February.
UK consumers are increasing efforts to curb the impact of sky-high inflation, shopping at discount grocers Aldi and Lidl and buying supermarkets’ own-brand goods.
Supermarkets in the country are trying to show they’re not profiting from higher food prices. J Sainsbury Plc has grouped its cheapest own-label ranges under a new brand, Stamford Street, to make them more obvious to customers. Marks & Spencer Group Plc said in May that it’s not passing full price rises onto consumers and it’s on the lookout to pass on any deflation.
Food inflation is proving particularly sticky in the UK, with Office for National Statistics data last month putting it at 19% — close to the highest rate since the 1970s. That has led to accusations that supermarkets and food producers are taking advantage of higher prices, with a majority of British shoppers also noticing food producers have reduced packet sizes while charging the same or more money.
At the same time, British retailers pushed back against the government’s plans for voluntary price limits on basic food items like bread and milk to tackle inflation and protect struggling Britons against rising costs.
--With assistance from Katie Linsell.
Author: Irene García Pérez
