Fortunes on the up at Morrisons as they announce further price cuts
SUPERMARKET Morrisons is engaging in another wave of price cuts.
Around 200 items will be cut by up to a third according to the BBC, including items such as bread and milk.
Four pints of semi-skimmed will be cut 11% to 89p, and some bread prices will fall 21%.
According to supermarket analysts at Kantar Worldpanel, an ‘average’ basket of shopping for the consumer is now 2.1% cheaper than in 2014.
This comes as the price war between the Big Four supermarkets continues, with up-and-comers Lidl and Aldi continuing to increase their market share.
Chief executive David Potts is overseeing the price cuts as part of his new regime and said that Morrisons’ “cupboard essentials will be amongst the lowest on the market.”
Last year after profits took a hit, the supermarket (under then chief executive Dalton Philips) announced price cuts of £1bn, following competitors slashing their prices; Asda by £300m, Sainsbury’s by £150m and Tesco also dropping 2,500 prices.
Morrisons’ fortunes have been looking up recently, with its first increase in sales in 18 months reported earlier this month, as well as Mr Potts gaining the support of outspoken chairman Sir Ken Morrison at the firm’s AGM last week.
