Supermarket chain Aldi has committed to continue cutting prices in 2024 as it seeks to maintain its place as one of the lowest-priced grocers in the UK. 

The commitment comes after the retailer invested £125m ($157.5m) to cut the prices of 500 products since the start of the year.  

This equates to a quarter of its total range and a third of its fruit and veg. 

The investment marks an increase from the £380m spent on price reductions in 2023.  

The company’s commitment to affordability was recently validated by consumer group Which?, which named Aldi the cheapest supermarket for February 2024, noting a basket of goods at Aldi costs £20 less than the average at the traditional Big Four supermarkets [Tesco, Sainsbury’s, Asda and Morrisons].

Aldi UK and Ireland CEO Giles Hurley said: “We know that shoppers remain under pressure from the cost of living, which is why we remain laser-focused on offering the lowest possible prices.  

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“We are investing more than ever before in lowering prices, and we will continue to do whatever it takes to keep grocery prices as low as possible for the millions of customers that shop with us.” 

Aldi is also expanding its physical presence with plans to open 35 new stores across the UK in 2024, creating 5,500 jobs. 

The retailer invested £1.3bn in British suppliers during 2023.  

In March 2024 Aldi UK announced a pay increase for its store colleagues, the second raise of the year.