Asda intensifies supermarket price competition by unveiling significant discounts on nearly 1,000 items. The price cuts, averaging 6%, span various product categories, with some items reduced by over a third. Asda aims to regain market share lost to competitors in recent years.
The potential participation of other supermarkets could lead to substantial savings for millions of shoppers amid a notable increase in food prices. Tesco’s CEO, Ken Murphy, hinted at heightened price competition in the coming months, setting the stage for a competitive market landscape.
Based in Leeds, Asda is lowering prices on 956 everyday grocery products, both in-store and online, as part of its Asda Price commitment. The discounted items, predominantly Asda own-label products, include pasta, cooking sauces, tea, and coffee.
Individual products seeing price reductions include Yorkshire Tea (240 pack) dropping to 2p per teabag, Asda Gravy Granules reduced to 69p, Asda Chicken Tikka Masala, Asda Chicken Korma, and Asda Beef Stew among others, marked down by significant percentages.
Noteworthy reductions include Asda Instant Hot Chocolate and Asda Smooth Milk Chocolate Flavour Spread. The price cuts extend to 49 products in Asda’s ‘Free From’ range catering to individuals with food allergies or intolerances.
With food price inflation hitting 5% in September and predictions of further increases, Asda’s initiative comes at a crucial time. Lower-income households, faced with a weekly income shortfall, can benefit from reduced food bills during the upcoming expensive period.
Rachel Eyre, Asda’s Chief Customer Officer, emphasized the company’s support for families grappling with rising living costs. The price reductions aim to provide tangible assistance to customers, offering enhanced value with every purchase.
Under the leadership of executive chairman Allan Leighton, Asda is striving to reverse a prolonged sales decline. Recent data from Kantar revealed a 2.7% drop in Asda’s sales in the three months leading up to early September.
Despite facing financial challenges, including a significant loss and a decline in revenues, Asda remains committed to delivering value to customers through strategic pricing adjustments.
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