Asda has lit the fuse for yet another round of price wars by pledging to slash prices on 5,000 products.
The supermarket chain’s chief executive Andy Bond jumped on the bandwagon which Waitrose and Morrisons started rolling last week and heralded an end to food price inflation.
In another sign of the increasing desperation to retain shoppers, which is being exhibited right across the non-discounter supermarket sphere, Asda is cutting the price of every food product sold under its Smart Price budget range from tomorrow.
Figures released today show that food prices have spiralled 8.3 per cent since January. But rather than justify those rises by explaining the crippling cost increases throughout the supply base, Bond said: “Despite today’s record inflation figures I’m confident that food price inflation has peaked and that we are beginning to see the cost of goods stabilise.
“When I talk to customers they tell me that they’re really worried about how to make ends meet and they look to supermarkets to help them.
“By lowering the price entry point to fresh food, value conscious shoppers could slash their weekly shopping bill by more than 50 per cent."
