The latest to reduce the cost of necessities are Morrisons and MandS

Woman out shopping

The latest supermarkets to lower the cost of necessities are Morrisons and Mandamp;S as pressure mounts on businesses to do more to combat rising living expenses.

Numerous products, including Greek yoghurt, tomatoes, and minced beef, will have their prices reduced by the chains.

As food price inflation remains stubbornly high, it comes in the wake of cuts made by Tesco, Sainsbury's, and Aldi.

Retailers have been accused of profiteering by failing to pass on decreasing wholesale costs to customers, but they strongly refute this.

The sixth price reduction round of this year will last for eight weeks, according to Morrisons, the fifth-largest supermarket chain in the UK.

To help with the cost of living, it claims that prices will be reduced on more than 47 well-known products, including squash, cereal, and pita bread, by an average of 25%.

More than 70 household essentials, including beef mince and chickpeas, will now be cheaper, according to M&S, which is also locking in price cuts on other items.

Prices for bread, milk, and butter have recently been reduced at Sainsbury's, Tesco, Aldi, and Lidl.

Asda, meanwhile, frozen the prices of over 500 products last week until the end of August.

It comes as food costs in the UK increased by 191% in the year to April, almost at the fastest rate in 45 years, with staples like sugar and pasta rising significantly.   .

Supermarkets claim that the Ukraine conflict has resulted in higher energy costs, wholesale food prices, and labor demands, all of which have increased their costs.

However, the Competition and Markets Authority has opened an investigation into the high cost of food and fuel, stating that it will examine whether a "failure in competition" has resulted in overcharging of consumers.

Some supermarkets have increased their margins on gasoline and diesel, the regulator has already discovered.

Grocery stores have refuted accusations of profiteering, with the British Retail Consortium stating that they strive to keep costs "as low as possible.".

The lengthy contracts retailers sign with food producers, according to supermarkets, cause a lag before declining wholesale prices are reflected in the shops.

The head of Tesco stated last week that there are "encouraging early signs" that price increases are slowing down as the retail behemoth reported higher sales.

He stated that Tesco's "true" prices for customers were "dramatically lower" than the "headline" food inflation figure at the company's annual general meeting.

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