M&S is the latest supermarket to invest in more budget-friendly ranges
(Picture: AFP via Getty Images)Marks & Spencer has become the latest retailer to cut prices as supermarkets battle to hang on to customers hit by the cost of living crisis.
M&S is to lower prices across everyday grocery items including bread and milk, having invested more than £100 million over the last three years in bolstering its value food ranges.
From today, prices in its ‘Remarksable’ range will be lower, and it will add larger value packs aimed at families to its range.
A sliced white loaf of bread will now cost 60p, down from 65p, and four pints of semi-skimmed milk will be priced at £1.15, rather than £1.25.
The prices of other products, including beef mince, spaghetti and bananas, have also dropped.
M&S will trial a new family ‘Dine In’ deal for four people, which will run year-round, and families will be able to buy larger packs of fridge and cupboard essentials, saving 10% on average, M&S said.
On top of that, kids will be able to eat free at its cafes during all school holidays, subject to a £5 minimum spend.
Stuart Machin, chief operating officer at M&S, said: “We want M&S to be more relevant, more often and that’s why now is the right time to go further, by investing in the value of everyday items families buy week-in week-out, without compromising the quality our customers want and expect from us.”
Price cuts come as supermarkets fight to hang on to market share as inflation soars. Food inflation is running at 3.8%, according to recent estimates, driving shoppers to switch to German discounters Aldi and Lidl.
Last month, Asda announced a new essentials range comprising 300 products called ‘Just Essentials by Asda’ to help families fight rising costs.
The move landed it in hot water with rival Waitrose, which claimed the name was too similar to its own ‘Essentials’ range.
