Two of the UK’s largest retailers respond to the skyrocketing cost of living with price cuts and wage increases. The Morrisons chain is reducing prices on more than 100 main products, as reported by the trade journal The Grocer. For some foods such as rice, eggs, chicken, and cereal, prices are expected to fall by 13 percent.
“We know our customers are under real financial pressure right now, and we want to do our part to help them when it comes to the cost of grocery shopping,” said CEO David Potts.
At the same time, the company is increasing wages by 4.5 percent. Overall, Morrisons invested the equivalent of 86.5 million euros. The company had previously announced that it expected significantly lower revenues due to the enormous increase in inflation and the Russian war against Ukraine.