Aldi, Lidl and Asda have all joined supermarket giants Tesco and Sainsbury’s in cutting the price of milk by at least 5p.
Both discounters are reducing the price of their four-pint own-brand milk to £1.55, matching their competitors.
Asda, meanwhile, said it had taken “swift action to reduce the price of milk as commodity prices have eased”.
This wave of price cutting, sparked by Tesco making the move earlier this week, represents the first time that food retailers have cut the price of milk since May 2020.
Sainsbury’s, which announced it would cut its milk prices yesterday, said “with costs going up, we are working hard to keep prices low, especially on the everyday essentials people buy the most”.
The moves come as food inflation hit 17.5% in March, according to the latest Kantar market share data.
Sky-high grocery prices mean consumers are now facing an £837 increase in their average annual food bill.
Cost-price pressures have impacted the grocers’ bottom lines, as was illustrated by Tesco’s annual results. The retailer posted a fall in adjusted operating profits and forecast flat profits in the 2023/24 financial year.
“It’s been an incredibly tough year for many of our customers and we have been determined to do everything we can to help,” said Ken Murphy.
“Our results reflect our continued investment in delivering great value and quality for our customers, while at the same time looking after our colleagues.
“This is despite unprecedented levels of inflation in the prices we have paid our suppliers for their products and the cost of running our own operations.”
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