Aldi has said it will “continue to monitor prices and the market” following Tesco’s price cuts announced earlier today (Thursday, June 8).
The retailer’s decision comes after Tesco earlier today said that it will cut the prices of over 700 products in its 166 stores across the country and online.
Group managing director at Aldi Ireland, Niall O’Connor said that the retailer’s prices are “already lower on comparable products”.
In a statement to Agriland, O’Connor said: “We consistently set the benchmark for low prices and value in the market.
“We know that other retailers try to match what we do but the simple fact is that we won’t be beaten on price, on this, or any day.
“We’ll continue to monitor prices and the market to ensure that we always have a discount versus the more expensive full-price supermarkets.
“Whether on a basket of goods or a full weekly shop and especially on our own-label range, which accounts for 95% of our products. That’s our promise to customers, and it will not change.”
Price cuts
In the 12 weeks to May 14, 2023, grocery inflation rose by 16.5%, which is down marginally (0.1%) on last month, according to recent data from Kantar.
In recent weeks, supermarkets such as Tesco, SuperValu, Lidl and Aldi have cut the prices of own-brand bread, milk and butter in their stores.
In response to Tesco’s announcement today, one farm organisation has questioned if recent food price cuts by supermarkets have been tested for sustainability.
Commenting on the retailer’s decision to cut the prices of over 700 products, the president of the Irish Creamery Milk Suppliers’ Association (ICMSA) Pat McCormack said:
“Both farmers and all those who profess themselves to be alarmed by the current climate crisis are entitled to wonder whether all these hundreds of reductions have been sustainability-tested?
“As usual, the price of food was deemed to be a matter for the supermarkets alone with no place or room for the longer-term considerations of sustainability and environmental consequences.”
McCormack said that there was “the usual deafening silence” from “the raft of state and state-supported agencies and quangos all ostensibly dedicated to environmental protection”.