Price rollbacks on key food items will continue for another three months at Pak’nSave, New World and Four Square.
In May Foodstuff co-operatives rolled back prices to what they were in early 2021, immediately reducing prices by an average of 10% on more than 110 everyday items, as record inflation continued to push up food costs.
In a statement on Friday, Foodstuffs managing director, Chris Quin said to date, the price rollback initiative has provided average savings of $1 million per week with 25 million rollback items sold nationally.
He said the cooperatives are extending their rolled back pricing on key products to early 2021 levels for a further three months at Pak’nSave, New World and Four Square, as well as introducing new everyday low pricing initiatives.
In the four months since the rolled back prices began, the cost of groceries supplied to Foodstuffs from its suppliers has increased by an average of 7.9%, and New Zealand Food Price Inflation has increased to 6.6% in June.
"The co-operatives’ continued focus on value has meant Foodstuffs stores have held price increases to customers below inflation."
READ MORE: Supermarket price wars: Foodstuffs reduces prices on 110 items
“To make sure we continue to support New Zealanders through this time of record inflation across the board, we’ll continue with rolled back prices on key everyday items, and New World and Four Square stores will be launching new everyday low pricing initiatives to help New Zealanders find value, give price certainty at the checkout, and continue fighting inflation."
It comes as Infometrics this week released the Grocery Supply Cost Index showing record increases in the cost of grocery products supplied to Foodstuffs in 2022, which are up 7.9%.
In May Consumer NZ launched a petition to combat high grocery prices.
In March the Commerce Commission announced a suite of recommendations to improve competition in the supermarket sector.
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