ICELAND, the popular supermarket chain, has joined the growing list of retailers cutting prices on a wide range of grocery essentials. This move follows in the footsteps of Aldi, Tesco, and Lidl, who have also recently announced similar reductions. With over 500 products included in this price cut, Iceland aims to provide relief to families grappling with the escalating cost-of-living crisis.
Richard Walker, the executive chairman of Iceland Foods, expressed the supermarket’s commitment to helping customers during these challenging times. He stated, “Families are struggling more than ever as the cost-of-living crisis worsens. That’s why we’ve invested millions – and will continue to do so – to keep prices low across key weekly shop items. We know we have a responsibility as a business to support our customers in any way we can and offer great value when people need it most.”
The pressure on supermarkets to pass on wholesale savings to shoppers has been mounting, given the significant food price inflation experienced by consumers in recent months. In June, food inflation saw a decline for the second consecutive month, dropping to 14.6% from May’s 15.4%, as reported by the BRC-NielsenIQ Shop Price Index. This reduction was particularly noticeable in fresh food, where inflation slowed from 17.2% in May to 15.7% in June. Retailers responded by lowering prices on staple items like milk, cheese, and eggs.
As part of Iceland’s price-cutting initiative, numerous popular products will see reductions. For example, Youngs Fish Fingers (15-pack) will be priced at £2, down from £3.50, while Nescafe Coffee (200g) will be available for £4.50 instead of £6.50. Anchor Spreadable Butter (400g) will be reduced to £2.50 from £3.50, and cans of Heinz spaghetti in tomato sauce (x4) will now cost £3.50, down from £4. These are just a few examples of the extensive range of price cuts Iceland has implemented.
Moreover, a third of Iceland’s multibuy deals range will also undergo price reductions, providing customers with even more opportunities to save. To explore the full list of price changes, interested shoppers can visit the Iceland website.
With Iceland joining the effort to alleviate the financial strain on households, consumers can look forward to more affordable grocery shopping and a slight reprieve from the ongoing cost-of-living challenges.