Family food bill set for £1 billion slash

Family food bill set for £1 billion slash

Tuesday, January 13, 2004

Supermarkets are set to slash prices as competition wars flare up in 2004, giving consumers a one billion pound bonus.

Consumers could benefit from an average 1 per cent fall in prices, which amounts to a £40 annual saving for each household and a cut in the nation's household grocery bill by one billion pounds, forecast retail researchers.

The study by retail consultants, Verdict says supermarkets are trigger-edged to cut prices in a war over customers.

After two decades of gradual price increases, the researchers expect prices to fall this year.

The expected take-over of Safeway by the Bradford-based supermarket Morrisons will be the trigger event in the new price war in the coming year, claims Verdict.

The study predicts Morrisons would be a more assertive competitor than Safeways and will need to recover the customers Safeways has lost. Morrisons has already said it will win them back by aggressive price-cutting.

Sainsburys, which has recently been overtaken by Asda, has said it too will cut prices in the summer in an effort to improve competitiveness. Other stores will need to follow suit giving consumers the best buys for many a year.

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