Morrisons has issued a warning to customers that supermarket prices will likely rise in response to the global supply chain crisis.
The supermarket chain, which reported a 43% reduction in half-year profits, said that the lorry driver shortage, worldwide product price rises and an increase in haulage costs would all contribute to industry-wide product price increases.
However, Morrisons also reassured that it would aim to minimise the extent of the rising costs - as well as try to keep its aisles stocked.
The news comes after the supermarket reported £82 million in statutory pre-tax profits over the last six months, significantly down from the £145 million it reported this time last year.
As reported by Wales Online, underlying pre-tax profits also tumbled to £105 million - a 37% decrease.
Morrisons placed the blame on a £41 million hit from costs related to the Covid pandemic, as well as £80 million in profits that were lost in its cafes, petrol forecourts and food-to-go services.
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It said: “We expect some industry-wide retail price inflation during the second half, driven by sustained recent commodity price increases and freight inflation, and the current shortage of HGV drivers.
“We will seek to mitigate these and other potential cost increases, such as any incurred to maintain good on-shelf availability.”
