Less than six months after Morrisons announced it would permanently reduce prices on everyday products with the ‘I’m Cheaper’ campaign, products have increased in price. According to The Sunday Times, Morrisons admitted they had increased 107 staple product prices but insisted ‘they will still be lower than they would have been had we not embarked on the ‘I’m Cheaper’ cuts.’
Brand View have found some interesting results with price promises failing YTD.
Since the launch of Morrisons’ ‘I’m Cheaper’ campaign on 1 May 2014, 320 products have since increased in base price. Looking specifically at these products, the average price was £1.62 on 1st May, and even lower at £1.61 after a further round of price cuts. Although this is a substantial decrease from the start of the year, these products have slowly crept up in price by 14 percent (23p).
Of the 320 products in the basket, the Wet Baby Food has the highest amount of products included. It is interesting to note that Fresh Fruit – staple products – are another prominent category. Own Label accounts for 41 percent of products in the basket compared to 59 percent of Branded Products.
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