By Greg Wrght

Published 19th Jun 2023, 10:47 BST

Britain’s fifth biggest grocery chain said it was cutting price tags across all its 499 stores on items including mince, tomatoes and butter as well as cupboard staples such as squash and cereals.

Morrisons pledged to hold the latest prices for at least eight weeks.

It marks the chain’s sixth round of reductions in 2023 and will see it invest £26m in the latest price cuts.

Morrisons has slashed the price of 47 products by more than a quarter on average in the latest boost to hopes that wider UK food inflation may have passed its peak. Picture: Morrisons/PA Wire

The move provides further optimism that rampant food inflation may be finally on the decline, after Tesco boss Ken Murphy last week said there were “early signs” that it was starting to ease. Britons are desperate for some relief in their weekly food bills, with the most recent official data showing that food inflation struck 19.3 per cent in April, dipping only slightly from March’s eye-watering 19.6 per cent and remaining close to the highest rate for more than 45 years.

The next set of Consumer Prices Index figures are out on Wednesday and experts at Pantheon Macroeconomics are expecting food inflation to have slowed to 18.2 per cent in May.

Morrisons cuts prices of nearly 50 items as hopes mount of easing food inflation