(Bloomberg) -- British supermarket chain Morrisons said it would cut prices across many of its own-brand products to help consumers squeezed by the cost of living crisis.

The move, which Morrisons said would cost £25 million ($30 million), will reduce prices by an average of 19% on items including potatoes, coffee and rice. The company has invested £148 million in cutting the cost of products in the past six months, it said in a statement. 

Food inflation remains stubbornly high in the UK even as broader price measures start to ease. The rate hit 16.7% in January with the latest increase adding an extra £788 to shoppers’ annual spend on groceries, according to Kantar.

Morrisons, which has suffered falling sales, said last month that earnings will rise this financial year as cost-saving programs and better sales outweigh the challenge of inflation.

Morrisons Profit Drops as Discounters Gain Shoppers

Premium grocer Waitrose said last week that it would cut prices by a record amount as it tries to win back customers who have chosen cheaper rivals including discounters Aldi and Lidl.

The move, which will lead to lower prices on more than 300 own-brand products such as carrots, peas and tea, will cost Waitrose £100 million, more than three times the amount it last dedicated to reducing prices in October 2020.

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