Asda has revealed plans to invest more than £73m to tackle the cost of living crisis for its customers and employees.
The supermarket giant, which is owned by the billionaire Issa brothers and TDR Capital, has dropped the price of over 100 family favourites until the end of the year.
It has also confirmed to 120,000 hourly paid shop floor employees that their pay will increase to £10.10 per hour from July.
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Products covered by the 'dropped and locked' promise include fresh fruit and vegetables, fresh meat, store cupboard items as well as soft drinks, desserts and frozen products.
The investment comes just weeks after Asda announced the launch of a new and larger value range as the Leeds-headquartered supermarket giant saw growth slow due to customers returning to pre-pandemic habits.
The company added it will axe its Smart Price range and replace it with new Just Essentials by Asda products.
Mohsin Issa, co-owner of Asda, said: "We know that household budgets are being squeezed by an increasing cost of living and we are committed to doing everything we can to support our customers, colleagues and communities in these exceptionally tough times.
"We’re standing side by side with the families and communities who are juggling so many demands at the moment. We’re taking unprecedented action to give families some additional stability and certainty in their weekly shopping by lowering and locking over 100 prices until the end of the year.
"We’re also proud to be investing in increasing the pay for our hardworking store colleagues and continuing to support the communities we are part of."
