Iceland Freezers

Source: Iceland Foods

Iceland has also extended its multibuy offer, which now covers a third of its range

Iceland Foods has slashed the price of 500 weekly staples, including Anchor butter, Nescafé coffee and Atlantic cod fillets, as part of a £26m investment in lowering prices over the course of 2023.

Alongside the price cuts of what are some of the retailer’s most popular branded and own-label products, Iceland has extended the range of items available in its flagship Mix & Match multibuy offering, which now covers a third of the supermarket’s range.

The frozen food specialist said it was spending half a million pounds per week on ensuring prices remained low, adding that the investment would put “money back into customers’ pockets” during the cost of living crisis.

The discounts include the price of a 2.25kg bag of McCain Oven Chips, which has fallen from £5 to £4.45, while a four-pack of 400g tins of Heinz spaghetti in tomato sauce is now £3.50, down from £4.

Other cuts include a 650g portion of Iceland minced beef and onion (from £4 to £3.50), Tetley teabags, with a 240-pack dropping to £4 down from £5.75, and Young’s Fish Fingers, with a 15-pack now priced at £2, down from £3.50.

“Families are struggling more than ever as the cost of living crisis worsens,” said Iceland Foods executive chairman Richard Walker.

“That’s why we’ve invested millions – and will continue to do so – to keep prices low across key weekly shop items. We know we have a responsibility as a business to support our customers in any way we can and offer great value when people need it most.”

Iceland launched its latest multibuy offer scheme across Iceland and Food Warehouse stores in April. The pricing mechanic, which covers 1,000 products across ambient, frozen and chilled, combines a selection of offers, including three items for £3, three for £5 or three for £10.

Speaking to The Grocer last week, Walker said Iceland had stepped up the offer during the cost of living crisis as a way of giving customers the opportunity to “fill up” when they have the money, adding that customers had responded well since launch. 

“I don’t really think there’s anything else like it in the market,” Walker said. “The idea is that you’re in control. It’s not multibuys where we force on you three of the same thing that you didn’t really want. The idea is you can genuinely feed your family for £10.”

Other measures Iceland has taken during the cost of living crisis include price freezing its value £1 or less frozen food range. The move, announced in January, saw the retailer pledge to keep the price of more than 600 items as close to or under £1 as possible throughout 2023.