Image: Nigel J. Harris/Shutterstock.com
It was May 2020 the last time Tesco lowered the price of its own brand of milk. Now, starting from Wednesday, the price of a four-pint bottle of Tesco brand milk will be reduced from £1.65 to £1.55.
There will also be a price cut of 5p on both single pints and two pints of Tesco Brand whole milk. According to Tesco, the reason for the price deduction is that the cost of buying milk from wholesalers has dropped and Tesco wants to give this reduction back to customers.
With inflation rising to the highest it’s been since 1978 and weekly household budgets being stretched more and more, Tesco hopes to provide some relief to customers and that the price cut on milk kicks off a trend of lowering prices on further items in the near future. As an example of the recent inflation, since February 2022, the price of milk has risen by more than 40%. This rapid increase in everyday items such as milk and eggs is one of the main reasons household budgets have been squeezed so tight recently.
The supermarket chain has also assured those concerned that the milk price cut won’t negatively affect the price it pays to farmers. Tesco has publicly stated that the price drop is solely a consequence of the price drop in the milk market and that it is customers who should benefit as a result.
Even though it is only a cut in price on one product, and Tesco wants to give back to customers, from a business point of view, the decision by Tesco can also be seen as a move to get an advantage over its competition in the highly competitive UK supermarket space. It is well known that stores like Tesco, Sainsbury’s, Lidl, and all other supermarket giants are constantly monitoring each other’s prices and strategizing their own prices, deals, and discounts based on that of the competition.
Tesco has also released some more ‘good’ news for household finances and revealed that on top of lowering milk prices, it is now honing prices on more than 1,000 items up until July. This includes many everyday favorites like cereals, crisps, and Yorkshire Tea.
In conjunction, Sainsbury’s also announced this week that it too was lowering prices on hundreds of items for customers with a loyalty Nectar card. Sainsbury’s loyalty card rivals that of the Tesco Clubcard, where members receive greater deals and rewards the more they shop.
With recent reports revealing that more than 60% of shoppers have lessened the cost of their weekly shopping and 9/10 shoppers disturbed by the rising food prices, both supermarkets and the public alike can hope that the drop in milk prices is a sign of better days ahead.
Image: Nigel J. Harris/Shutterstock.com
It was May 2020 the last time Tesco lowered the price of its own brand of milk. Now, starting from Wednesday, the price of a four-pint bottle of Tesco brand milk will be reduced from £1.65 to £1.55.
There will also be a price cut of 5p on both single pints and two pints of Tesco Brand whole milk. According to Tesco, the reason for the price deduction is that the cost of buying milk from wholesalers has dropped and Tesco wants to give this reduction back to customers.
With inflation rising to the highest it’s been since 1978 and weekly household budgets being stretched more and more, Tesco hopes to provide some relief to customers and that the price cut on milk kicks off a trend of lowering prices on further items in the near future. As an example of the recent inflation, since February 2022, the price of milk has risen by more than 40%. This rapid increase in everyday items such as milk and eggs is one of the main reasons household budgets have been squeezed so tight recently.
The supermarket chain has also assured those concerned that the milk price cut won’t negatively affect the price it pays to farmers. Tesco has publicly stated that the price drop is solely a consequence of the price drop in the milk market and that it is customers who should benefit as a result.
Even though it is only a cut in price on one product, and Tesco wants to give back to customers, from a business point of view, the decision by Tesco can also be seen as a move to get an advantage over its competition in the highly competitive UK supermarket space. It is well known that stores like Tesco, Sainsbury’s, Lidl, and all other supermarket giants are constantly monitoring each other’s prices and strategizing their own prices, deals, and discounts based on that of the competition.
Tesco has also released some more ‘good’ news for household finances and revealed that on top of lowering milk prices, it is now honing prices on more than 1,000 items up until July. This includes many everyday favorites like cereals, crisps, and Yorkshire Tea.
In conjunction, Sainsbury’s also announced this week that it too was lowering prices on hundreds of items for customers with a loyalty Nectar card. Sainsbury’s loyalty card rivals that of the Tesco Clubcard, where members receive greater deals and rewards the more they shop.
With recent reports revealing that more than 60% of shoppers have lessened the cost of their weekly shopping and 9/10 shoppers disturbed by the rising food prices, both supermarkets and the public alike can hope that the drop in milk prices is a sign of better days ahead.
