Tesco and Asda will cut millions of pounds off a wide range of products in the next quarter, as the supermarket price war intensifies further.
Asda is to cut £53 million off the cost of a range of items, while Tesco is to slash £50m off 200 products including fruit, vegetables, fish and chicken.
The cuts will mean savings for shoppers, but will increase the pressure on rival supermarkets Morrisons and Sainsbury’s.
Richard Ratner, retail analyst at Seymour Pierce, described the cuts as part of an ongoing skirmish and said Asda and Tesco were going from strength to strength. “They are almost reinvesting their success in price cuts to put further pressure on the weaker players,” he said.
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