Two of the UK’s biggest retailers are responding to the skyrocketing cost of living with price cuts and salary increases. Morrisons is slashing prices on more than 100 key products, reports The Grocer. For some foods, such as rice, eggs, chicken and muesli, prices are expected to drop by an average of 13%.
At the same time, number four in the market is raising wages by 4.5%. In total, Morrisons is investing £73m (€86.5m). The company had previously announced that it expected significantly lower revenues due to the huge rise in inflation and the Russian war against Ukraine.
Competitor ASDA wants to introduce similar measures. “Broad Steps” will see price cuts an average of 12% on a variety of fresh foods, as well as rice, pasta, soft drinks and frozen foods.
Number three also wants to raise the wages of 120,000 hourly workers to £10.10 an hour from July – that’s 60p more than the legal minimum wage for over 23s. Bonus payments and other financial benefits are also planned, reported The Grocer.