Asda invests £73m to tackle cost of living crisis

As part of the initiative, hourly pay for 120,000 shop floor colleagues will rise to £10.10 from July

Asda has announced it will be investing over £73m in tackling the cost of living crisis for its customers and colleagues as it has “dropped and locked” the price of over 100 products until the end of the year, with prices reducing 12% on average.

The supermarket has also confirmed that pay will increase for 120,000 hourly paid shop floor colleagues to £10.10 per hour from July.

Products covered by the “dropped and locked” initiative include a range of household products, including fresh fruit and vegetables, fresh meat, store cupboard items such as rice and noodles as well as soft drinks, desserts and frozen products.

The move comes as Asda’s Pulse of the Nation survey found that nine in 10 consumers are concerned about inflationary pressures to their budgets, and 87% are worried that grocery prices will increase this year.

Meanwhile, Asda’s latest Income Tracker has recorded its biggest ever drop in disposable income in March, as the nation’s lowest income families had 74% less disposable income year-on-year.

Additionally, the company is working with its charity, the Asda Foundation, to invest over £2m in local grassroots to support those “most impacted” by the cost of living crisis, by funding activities such as summer holiday clubs and community events.

Mohsin Issa, co-owner of Asda, said: “We know that household budgets are being squeezed by an increasing cost of living and we are committed to doing everything we can to support our customers, colleagues and communities in these exceptionally tough times.

“We’re standing side by side with the families and communities who are juggling so many demands at the moment. We’re taking unprecedented action to give families some additional stability and certainty in their weekly shopping by lowering and locking over 100 prices until the end of the year.”

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