Aldi invests £125million into price cuts as it doubles down on low prices promise to customers
Aldi was the cheapest overall at £121.06 on average
GETTY
Aldi has renewed its commitment to shoppers to keep prices low this year amid the cost of living crisis.
The supermarket has invested more than £125million to reduce prices on around 500 products.
They have pledged to do whatever it takes to never be beaten on price, with plans to cut more prices than ever before in 2024.
They were named the ‘Cheapest Supermarket for February’ as a basket of goods costs over £20 less at Aldi than at the average traditional Big Four supermarket, Which? found.
With this new pledge, they aim to continue being competitive and beat price cuts they made in 2023 with their £380million investment.
Giles Hurley, chief executive officer of Aldi UK and Ireland, said: “We know that shoppers remain under pressure from the cost of living, which is why we remain laser focused on offering the lowest possible prices.
Aldi plans to open 35 new stores across the UK
GETTY
“We are investing more than ever before in lowering prices, and we will continue to do whatever it takes to keep grocery prices as low as possible for the millions of customers that shop with us.”
Aldi’s latest investment in price follows on from news last week that it will open 35 new stores across the UK this year as it looks to bring its low prices to even more shoppers.
Its continued growth means it is also creating 5,500 new jobs during 2024, while it spent an additional £1.3billion with British suppliers during 2023.
Aldi continues to be unbeaten on price month after month as they took the top spot for the cheapest supermarket in March, according to Which?.
Aldi was the cheapest overall at £121.06 on average, with rival discounter Lidl just £1.89 behind.
Waitrose was the most expensive supermarket in March, with an average price of £158.52 for popular food items including a Hovis loaf, baked beans and carrots.
Asda was the cheapest of the ‘big four’ supermarkets, at £138.31 for the same groceries, while Tesco charged less than £1 more for an equivalent shop - £139.23.
Food price inflation slowed to its lowest rate in two years in March, according to the British Retail Consortium (BRC) shop price index.
Food prices were up 3.7 per cent compared to the previous year - down from five per cent in February.
The BRC said that dairy products had dropped in price, but Easter treats were more expensive than in previous years due to high cocoa and sugar costs.
Prices dropped as retailers cut back on Easter treats, clothing and electrical goods amid a slowdown in spending by consumers in the cost of living crisis.
Mike Watkins, the head of retailer insight at NielsenIQ, said that a key driver of easing inflation was weaker growth in food prices.
LATEST DEVELOPMENTS:
He said: “A year ago, food inflation was 15 per cent so this was to be expected.
“But it is also helped by intense competition among the supermarkets as they look to drive footfall, with focused price cuts and promotional offers earlier in the month for Mother’s Day and now again in the weeks leading up to Easter.”
The fall in shop prices will increase hopes that overall inflation is dropping closer to the Bank of England target of two per cent.