British supermarket chain Asda has announced a £70m ($87m) investment in price reductions across 126 essential items, equating to an average saving of 11% for shoppers.
The initiative is part of the retailer’s ongoing commitment to more affordable shopping options for its customers.
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The price cuts include significant reductions on staple products including Asda baked beans, strawberries, tuna chunks, pasta sauce, shortcake and microwaveable long-grain rice.
The fresh round of price cuts follows initiatives such as the Aldi Lidl Price Match and weekly Mega Event Price Drops, both launched early in 2024.
Since January, Asda has invested £40m in these efforts to reduce prices for customers.
Asda chief commercial office Kris Comerford said: “We know families are still working hard to make their budgets stretch as far as possible, which is why we’re investing even further in driving down the cost of everyday essential items – the things we know our customers are putting in their baskets week in, week out.
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By GlobalData“Through this latest investment, alongside our existing Price Drops, the Aldi Lidl Price Match, the Fab 5 and the Asda Rewards programme – our customers can trust that they will get uncompromising value every day.”
Latest insights from the Asda Income Tracker indicate that UK families are experiencing a growth in disposable income, with an average increase of £21.50 per week compared to 2023.
The same insights revealed that families are opting to save this additional income rather than spend it, due to cost-of-living pressures.
In January 2024, UK supermarket chain Sainsbury’s announced that it invested £220m in reducing prices for customers in the fiscal year 2023.
