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Asda to invest over £73 million this year in tackling cost of living crisis

Asda to invest over £73 million this year in tackling cost of living crisis

Over 100 family favourites dropped and locked in price until the end of 2022

Shop floor colleagues to be paid £10.10 per hour plus bonus opportunity

Asda has today announced it will be investing over £73 million in tackling the cost of living crisis for its customers and colleagues.

In a sweeping range of measures aimed at supporting UK households tackling inflation, the supermarket has today confirmed that it has ‘dropped and locked’ the price of over 100 family favourites and will lock the price down until the end of the year.

It has also confirmed to 120,000 hourly paid shop floor colleagues that their pay will increase to £10.10 per hour from July.

The move comes as Asda’s Pulse of the Nation survey found that 9 in 10 consumers are concerned about inflationary pressures to their budgets and 87% are worried that grocery prices will increase this year. Meanwhile, Asda’s latest Income Tracker has recorded its biggest ever drop in disposable income in March shows that the nation’s lowest income families had 74% less disposable income in March compared to the same time last year.

Products covered by the ‘dropped and locked’ promise include a range of household favourites, including fresh fruit and vegetables, fresh meat, store cupboard favourites like rice and noodles as well as soft drinks, desserts and frozen products. On average, prices will reduce by 12% and include staples such as John West tuna, dropping by 14% from £3.50 to £3, or 500g of Asda easy cook rice which has dropped by 25% down to 75p from £1.

The investment comes just weeks after the supermarket announced a multi-million investment into a new, budget-friendly essentials range –  ‘Just Essentials at Asda’. The value focused range, which launches later next month and replace Asda’s existing Smart Price products, will offer customers over 300 low price essential products and has been designed to ensure shoppers can keep the family fed, clean and watered on the tightest budget.

For Asda’s colleagues, the increase in hourly rate to £10.10 per hour from July will give them an additional 60p on top of the National Living Wage and is further supported by a 10% colleague discount in stores and online and additional supplement for colleagues in London stores. Colleagues also have the opportunity to achieve a bonus of up to £400 at the end of the year. This combined package will make Asda the highest paying UK supermarket.

In addition, working with its charity, the Asda Foundation, Asda’s community champions will help to invest over £2m in local grassroots with a particular focus on supporting those most impacted by the cost of living crisis, by funding activities such as summer holiday clubs and community events.

Mohsin Issa, Co-owner of Asda said: “We know that household budgets are being squeezed by an increasing cost of living and we are committed to doing everything we can to support our customers, colleagues and communities in these exceptionally tough times.

“We’re standing side by side with the families and communities who are juggling so many demands at the moment. We’re taking unprecedented action to give families some additional stability and certainty in their weekly shopping by lowering and locking over 100 prices until the end of the year. We’re also proud to be investing in increasing the pay for our hardworking store colleagues and continuing to support the communities we are part of.”

ENDS

Below is a table with some examples of the family favourite products that have been dropped and locked for the rest of the year:

Products Was price Dropped and locked price % dropped
John West Tuna Chunks – 4 pack £3.50 £3 14%
Asda Easy Cook Long Grain Rice 500g £1 75p 25%
Asda Gold Roast Instant Coffee 200g £2.95 £2.50 15%
Asda Everyday 80 Tea Bags £1.10 £1 9%
Blue Dragon Stir Fry Sauce 70p 60p 14%
Blue Dragon Noodles £1.15 £1 13%
Shreddies & Cheerios £2.15 £2 7%
Asda Wraps 8 pack 95p 85p 11%
Asda Bake at Home Baguettes 2 pack 95p 80p 16%
Asda Wafer thin Ham 400g £2.25 £2 11%
Asda Omega 3 Fish Fingers 10 pack £1.20 £1 8%
I Can’t Believe It’s Not Butter Spread – 450g £1.25 £1 20%
Asda Butcher’s Selection Lean Beef Mince 500g £3.10 £2.90 6%
Asda Cheddar Cheese 750g £3.75 £3.50 7%
Mini Babybell 12 pack £3 £2.50 17%
Muller Corner Bliss Yogurts 4 pack £2.25 £2 11%
Asda Growers Selection Peppers 50p 45p 10%
Asda Growers Selection Courgettes £1 80p 20%
Asda Farm Stores Apples 72p 65p 10%
Asda Growers Selection Garlic 3 pack 75p 65p 13%
Asda Farm Stores Mushrooms 57p 50p 12%
Asda Growers Selection Carrots

 

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