Asda invests £73 million in ‘Dropped and Locked’ price cut scheme as it increases staff pay
Asda is investing over £73 million in price cuts as part of plans to help customers facing rising inflation.
The supermarket has “dropped and locked” the price of over 100 grocery items which will remain at the lower price until the end of the year.
The move follows findings from Asda’s Pulse of the Nation survey that shows that nine out of ten shoppers are concerned about inflationary pressures and 87% are worried that grocery prices will increase this year.
Products included in the initiative include items such as fresh fruit and vegetables, fresh meat, store cupboard favourites like rice and noodles, as well as soft drinks, desserts and frozen products. Asda said prices will drop on average by 12%.
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.”
Asda has also announced that 120,000 hourly paid shop floor staff will see their pay increase to £10.10 per hour from July. This will give them an additional 60p on top of the National Living Wage and there will be extra supplement for colleagues in London stores. Asda said staff will also have the opportunity to achieve a bonus of up to £400 at the end of the year.
Issa added: “We’re also proud to be investing in increasing the pay for our hardworking store colleagues and continuing to support the communities we are part of.”
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