Asda’s chief executive Andy Bond has said that the company will cut 5,000 prices in the autumn, adding that he believes food inflation has come to an end.
The supermarket said that the cuts should enable consumers to save cash as a time when times are becoming more difficult for them.
Bond remarked that despite the fact that inflation has hit a 16-year high today, he is confident that costs are beginning to “stabilise”.
“For the first time ever, from tomorrow, we are cutting the price of every single Smart Price food product. By lowering the price entry point to fresh food, value conscious shoppers could slash their weekly shopping bill by more than 50%,” he said.
He commented that while the central part of the offer covers the company’s budget range, other well-known brand products will be included in the promotion
According to TNS Worldpanel, Aldi and Lidl have both boosted their market share in the past three months as customers react well to low pricing.
