Struggling British supermarket chain Morrisons has unveiled its latest set of price cuts on staple shopping items as it attempts to claw back market share.
Morrisons said that the prices of 130 supermarket items have been cut by up to 41%.
The price of Rocky Bars (8-pack) has dropped by 40% while plum tomatoes now cost 29% less.
Last month, Morrisons cut the prices of 1,200 private-label products and branded items.
The British supermarket chain has announced it will invest £1 billion in price cuts between now and 2017.
Dalton Philips, CEO of Morrisions, said, "These are permanent price cuts, not promotions, and they won't be the last.”
The price drops are being financed by cost savings, said the supermarket.
In March, Morrisons announced a pre-tax loss of £176 million for its full year after profits of £879 million in the previous 12 months.
Chief executive Dalton Philips has waived his £374,000 yearly bonus.
The company announced a like-for-like sales decline of 7.1% (excluding fuel) in the 13 weeks to May 4.
© 2014 - European Supermarket Magazine
