16th Feb 2015 15:45
LONDON (Alliance News) - Wm Morrison Supermarkets PLC announced Monday a fresh bout of price cuts, this time reducing the price of 130 "staple" grocery products by an average of 22%.
The UK supermarket chain - which trying to fend of the likes of German discounters Aldi and Lidl, as well as its major UK supermarket rivals Tesco PLC, J Sainsbury PLC and Asda - said the price of essentials such as bread, milk, butter, eggs and pasta will be reduced by up to 56%.
The latest round of price cuts will be on both own-branded and branded products.
"These are ongoing lower price cuts, not promotions," said Marketing Director Nick Collard in a statement. "The price cuts we have now made across products that customers buy week in, week out, are making a real difference to the cost of the weekly family shop."
Morrisons shares were up 0.2% Monday afternoon, trading at 183.90 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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