Popular supermarket chain Morrisons has announced major changes to its prices amid increased pressure on households across the UK.

Morrisons, which was recently pushed out of the "big four" by Aldi, has invested millions to help fund a massive price cut for customers.

Around 64 own-brand items are to see a slash in their price after the retailer spent another £25 million on the move.

These items include popular fresh foods and common cupboard items like little gem lettuce and roast coffee.

The Northern Echo: (PA) Morrisons was recently pushed out of the 'big four' by Aldi(PA) Morrisons was recently pushed out of the 'big four' by Aldi (Image: PA)

On average, prices for these products will be reduced by nearly a fifth as customers attempt to overcome the cost of living crisis.

Morrisons introduces new promotional deals to help customers 

The supermarket brand also introduced promotions on some of its own-brand items such as two for £2 on selected crisps and two for £1.80 on cereals.

This offer will come into effect across all 498 supermarkets as well as online next week.

Morrisons added that it has invested roughly £148 million over the last six months into cutting prices, slashing the cost of over 1000 items in January alone.

David Potts, Morrison’s chief executive, said: “We are just seven weeks into 2023 and already this is our fifth significant price activity of the year.

“These latest price cuts follow hard on the heels of two notable in-store price cuts involving well over 1,000 products, and two strong fuel promotions, demonstrating our determination and commitment to make a positive difference to our customers’ pockets.”

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UK supermarkets in price war to retain customers

Morrisons is one of many major supermarkets in the UK attempting to lower prices and retain shoppers who are more willing to look elsewhere to save money.

Last week, high-end supermarket brand Waitrose announced that it was investing £100 million in cutting the prices of hundreds of its own-brand products.

Sainsbury's also announced a further £50 million for its stores.

This comes as grocery price inflation reached a record of 16.7% in January, the highest since 2008.

Analysts Kantar said the findings mean households could be faced with an extra £788 on their annual shopping bill, assuming they don't change their shopping behaviour.

Adding that competition in the British supermarket sector “is as intense as it’s ever been” as retailers race to bring down prices on their own-brand items.

This has led to a 9.3% growth in own-brand ranges in January while named brands were up just 1%.

Your Money Matters

Your Money Matters is a campaign launched by us and our sister titles across Newsquest to help you overcome the surge in the cost of living.

This year has seen a whole host of household price increases — from the energy price cap rise to surging inflation and food prices — costing your family hundreds or even thousands of pounds extra per year.

We’re making it our mission to look out for your cash, offering money-saving deals, competitions, giveaways and insightful stories from your community on the impact this cost-of-living crisis is having on our readers.

The worldwide energy crisis exacerbated by the Ukraine invasion, the financial impact of the Covid pandemic, record inflation figures and a surge in the cost of goods, fuel and travel means we will all feel the pinch.

Through our newspaper, we want to do what we can to help make your cash go further because we know your money matters.