LONDON, Sept 5 Morrisons, Britain's
fourth largest supermarket group, has announced another wave of
price cuts, fuelling an already fierce industry price war.
Like market leader Tesco, Sainsbury's and
Asda, Morrisons is lowering prices to try to reverse the
flow of shoppers turning to discounters Aldi and
All players are also having to deal with commodity-driven
industry price deflation.
The company, based in Bradford, northern England, said it
will this week reduce prices on nearly 130 cooked meat, fresh
meat and poultry products by an average of 12 percent.
The prices of 30 fruit and vegetable lines will also be cut.
Morrisons is unique among Britain's major supermarkets in
making half of all the own brand and fresh food it sells.
"We're a British company, making our own ham and buying our
own cattle here in Britain. By doing this efficiently ourselves
we can pass much-needed savings on to customers," said customer
and marketing director Andy Atkinson.
The firm said that so far this year it has reduced the
prices of more than 4,400 products.
Separately on Monday a survey by the British Retail
Consortium (BRC) said food prices in August fell at the fastest
pace on record, dropping 1.1 percent after a fall of 0.8 percent
BRC Chief Executive Helen Dickinson said the devaluation of
sterling in the wake of Britain's decision to quit the European
Union would put upward pressure on shop prices though it would
likely take several months to properly feed through.
(Reporting by James Davey; editing by Jason Neely)