Morrisons cuts prices for third time amid Aldi battle

Morrisons has revealed that it has decided to cut its prices for the third time in three months as it steps up efforts to lure shoppers back from Aldi.

Morrisons told the Telegraph that it was slashing prices on another 490 products, including fresh meat, baby essentials and freezer items.

The latest round of reductions follows rounds of price cuts last month and in January.

According to the report, Morrisons said it would also extend a price lock on more than 1,000 products.

The supermarket also committed to maintaining its current prices through the end of March at the beginning of the month. It is now extending that commitment for at least eight weeks.

The report stated that this decision was made after Morrisons was surpassed by Aldi to become Britain’s fourth-largest supermarket.

Earlier this year Morrisons announced it was cutting back on the range of foods it stocks to help reduce costs and allow it to lower prices.

Changes included reducing the number of crumpets on offer from three to four.

Morrisons chief executive David Potts said at the time it was “more cost effective when we go down to three, to drive volume down the [production] line without changing over [between the packs] as often”.

According to the latest Kantar data, Morrisons’s sales fell 0.9% in the 12 months to January, as the cost-of-living crisis prompted some shoppers to switch to German discounters Aldi and Lidl.

Rachel Eyre, chief customer and marketing officer at Morrisons, said: “In January we cut the price of 1,000 products and committed to keeping them at that price for at least eight weeks. We’re now going again with a second wave of activity to keep prices locked low well into the Spring. Today’s news is further evidence of our commitment to drive down prices and help make a positive difference to our customers’ pockets.”