Asda to freeze prices on more than 500 products

Asda has announced that it has frozen the prices of over 500 branded and own-branded products following an investment to “give customers more control over what they spend each week”.

The price lock, which runs until the end of August, includes cupboard essentials such as cereals, pasta and tea, as well as summer favourites such as salads, burgers and ice cream.

The move comes following the latest figures from Asda’s Income Tracker, which reveal that household disposable incomes continue to fall on a month-by-month basis.

Kris Comerford, chief commercial officer, said: “We’re always looking at ways we can support our customers and communities throughout the year, which is why we’re locking the prices of hundreds of products until the end of August.

“We know that household budgets are tight at the moment, so we want to be able to offer the best value and give customers the confidence they can shop the products they love throughout summer.”

The news comes after the chair of Asda and EG Group criticised the government’s “clumsy” plan to introduce price caps on food staples last month.

On a call to reporters, Lord Rose, who is also the former boss of Marks and Spencer, told outlets that “you can’t interfere in the markets” and warned of the “unintended consequences” of “relatively clumsy things”.

He said: “My view on this is quite simple. I’ve been involved in retail for 50 years, and there’s been all sorts of schemes being followed by all sorts of governments over time about what they think we should be doing to control the market.

“You can’t interfere in the markets, the markets will control themselves. We are a very efficient industry, not just in Asda, across the retail piece. We have kept the price of electronics and clothing and food in real terms down to levels that are unprecedented in terms of our ability to be efficient.”