UK supermarket Asda launches fresh round of price cuts

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British supermarket Asda on Thursday followed rivals Ocado Retail and Sainsbury's in announcing a fresh round of price cuts, adding to the downward trajectory in UK food inflation.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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24 Aug 2023

Grocery prices remain in the spotlight as Britons grapple with a cost-of-living crisis stretching into its second year.

Asda, Britain's third largest grocer, said it had lowered the prices of 425 branded and own-label products, such as nappies, bread, cereals and sausages, by an average of 11%.

It said the move was costing it 23 million pounds ($29 million).

Ocado Retail and Sainsbury's announced price cuts on Wednesday.

UK food price inflation reached its highest since 1977 in March at over 19%. This official measure slowed to 14.9% in July and, while industry data showed it at 12.7% in August, rising food prices remain a major strain on the finances of many households.

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