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Business News

Morrisons joins supermarket milk price war


A price war on the high street heated up today as Morrisons became the latest retailer to cut the cost of its milk.

The supermarket has reduced the price of a pint to just 24p this morning, making it one of the cheapest on the high street and undercutting some of its biggest rivals who have also cut their prices.

On Monday, Tesco said it had reduced the cost of four pints of milk to £1 as part of its new price cutting strategy, while Co-op said on Wednesday it would reduce the cost of its one and two pints of milk.

Yesterday, Waitrose revealed it would follow Tesco by selling four pints for £1, while Asda already sells four pints for £1 too.

The cuts will heap pressure on Sainsbury's to act as the only supermarket yet to cut milk prices.

Some diary farmers have said they are concerned that the price war could see them suffer and start trading at a loss, however Morrisons' management insisted the price drop would be absorbed into the company and not passed on to suppliers.