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Asda to cut 5,000 food prices this autumn as CEO says food price inflation has peaked

Asda

16 September 2008

ASDA, the UK’s leading value supermarket, today announced over 5,000 price cuts and said that food price inflation has peaked.
This major move will lower the price of food and help ease the burden on millions of cash strapped shoppers who have seen their disposable income plummet due to the rising costs of living and the after effects of the credit crunch.
ASDA CEO Andy 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.
That’s why I’m determined that as and when cost prices fall it will be ASDA which leads the charge and drives down prices for shoppers not just in the short-term but permanently.
“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%.
Whilst this is our budget food range customers can be absolutely assured of its quality with every single product in the range being free from artificial flavours and colourings.
We will also be cutting the price of well-known brand and own label food and grocery items that households have to buy week in week out – in all over 5,000 products.
“For the past 11 years we have been voted the UK’s lowest priced supermarket. I’m determined that ASDA continues to win this coveted award which underlines our commitment to always offering our 17 million customers everyday low prices.”
Examples of best selling Smart Price staple lines and comparative own label products is availble from the press office: