The year 2022 and the start of 2023 has been consumed by a cost of living crisis, there have been many factors which have contributed to this: the effects of the pandemic, the world recovering from the aftermath of Covid-19 and in the UK's case, changes in import/ export laws due to Brexit.
In the UK the cost of essential goods and services, such as food, housing and energy, is rising significantly faster than wages or incomes. The result is people struggling to afford basic necessities, which is leading to poverty, debt, and social inequality.
Individuals are also taking steps to manage their own cost of living, such as seeking out affordable housing, reducing energy consumption, and shopping for groceries and other essentials at lower-cost stores.
In a bid to retain customers, it's been reported this week by the Grocery Gazette that Morrisons has initiated price reductions on 490 products which is the third time that they have done so this year. It is thought that their rationale behind this is to stop consumers from shopping at Aldi instead.
It's thought that the cost cuts will be launched on fresh meat, baby essentials and freezer items. Also in a bid to support customers with reduced prices, Morrisons has also said it will be extending a price lock of over 1,000 products for at least another eight weeks.
Morrison's push on reduced prices comes after the discount grocer Aldi pinched their spot as the UK's fourth largest grocer in 2022.
