Iceland has committed to freeze the price of more than 60 of its £1 lines until the end of 2022 to help shoppers cope with rising inflation costs.
The announcement came as ONS data showed UK cost of living levels rose in December after inflation crashed through estimates and jumped to 5.4% – its highest level in nearly 30 years.
The latest jump in the Consumer Prices Index (CPI) was mainly driven by mounting food prices.
Today we’re committing to a price freeze across our most popular £1 frozen lines to help our customers through these inflationary times.— Richard Walker (@icelandrichard) January 19, 2022
Data out today shows that inflation is at a 30 year high and we hope this helps to reassure customers who are feeling the pinch. pic.twitter.com/zzOTb41ojz
“We know that our customers will be feeling the pinch as inflation surges and it is our priority to mitigate it as much as we can, and continuing to commit to everyday low prices across our ranges,” said Iceland MD Richard Walker.
“We hope this price promise brings some reassurance to those who are concerned about their finances in the year ahead, and will help to keep weekly grocery shopping as affordable as possible.”
The retailer’s price freeze move is in addition to hundreds of other products that it already offers for £1 across its grocery, chilled and frozen ranges.
Iceland has also recently started offering “ethical” loans to hard-pressed shoppers to help families afford groceries.
Walker said the loan was an “ethical and affordable alternative” to the “ultra-high-interest lenders, or even illegal loan sharks” offered to those who might be facing food insecurity.