Morrisons to cut prices on 200 products
Morrisons has pledged to slash prices again in a bid to compete with budget retailers like Aldi and Lidl.
Morrisons are to cut prices by up to a third on 200 of their everyday products including, bread, milk and butter.
Four pints of semi-skimmed milk used to cost £1.00 but prices will now be cut by 11% to 89p.
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Some products face a huge drop in price, 1kg of Tate & Lyle Fairtrade granulated sugar previously cost 69p but will now be available for 52p which is a 25% drop in value.
Over the last three years, Tesco, Asda, Sainsbury's and Morrison's have all faced decreases in their market share, losing a total of 4.2% between the four of them.
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However, the opposite has happened for popular discount superstores Aldi and Lidl, according to This is Money.
Aldi has seen a 5.4% increase in its market share to 5.4 %while Lidl has managed to double its market share to 3.9% over the last four years.
But industry data has shown that Morrisons sales have moved 0.1% up in the 12 weeks leading to May 24, making them the only one of the 'Big Four' supermarkets to have shown sales growth.
According to the International Business Times, Morrisons cut the prices of 1,665 products last year but the retailer keen to keep the prices falling.
These are the first cuts to be made by Morrisons new chief executive, David Potts, who came to the role in January from Tesco.
He said: "We want to be the best value retailer – offering customers the best price for good quality British products. Today we've reset some of our prices so that our cupboard essentials will be amongst the lowest on the market."
Last year Morrisons saw their profits halved and as a result said they would commit a billion pounds towards lowering prices.
At the same time, Asda pledged to commit £300 million to lowering prices; Sainsbury's £150 million and Tesco have said they will lower prices on 2,500 essential items.
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