Blackburn's Issa Brothers invests £23m to lower prices at Asda to help with the cost of living crisis
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Asda has today announced price cuts on 425 branded and own-label products as part of its continued support for families impacted by the cost of living crisis.
The supermarket is investing £23m to lower prices by an average of 11% on some of the most popular products bought by customers each week, including nappies, infant follow on milk, bread, cheese, cereals, pasta, fish fingers, sausages and chicken breasts.
These reductions follow a £13m investment last month to cut prices on more than 200 own-label products by an average of 9%.
Asda is stepping up its support for customers as its latest Income Tracker shows that family budgets remain under pressure from rising living costs. Despite the CPI inflation rate easing last month, family disposable incomes remain much lower than before the cost-of-living crisis – down by over £100 per month for the average household compared to July 2021.
Kris Comerford, Asda’s Chief Commercial Officer, said: “While the headline inflation rate may have eased slightly last month, our own data tells us that many customers are continuing to struggle with rising living costs. We have targeted this latest price investment on the products that our customers buy week-in and week-out, to help their shopping budgets stretch further. We’re also continuing to work closely with our suppliers and whenever there is an opportunity to pass on commodity price savings to customers we will do so.”
Asda is owned by Blackburn’s billionaire Issa brothers, Mohsin and Zuber Issa, who also own petrol retailor, EG Group. The pair take the top slot as the richest business people in the North West as higher fuel prices have put a tiger in the tank of the Issa brothers’ petrol retailing empire.
The brothers topped of our region’s Rich List with estimated wealth of £5.25bn.