British supermarket retailers Asda and Morrisons have announced they are dropping their prices to tackle the cost-of-living crisis.

Asda pledged £73 million in addressing the crisis and said it would drop and lock in the prices of more than 100 products until the end of 2022.

Asda also announced that it is increasing wages for shop floor staff to £10.10 an hour. GMB Union said it had been "campaigning hard" for the salary boost.

“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,” said Mohsin Issa, co-owner of Asda. “We’re standing side by side with the families and communities who are juggling so many demands at the moment.”

Morrisons is cutting prices on over 500 items and introducing multi saves on 180 products. The lower prices cover around six per cent of the retailer’s total volume sales.

“We know that our customers are under real financial pressure at the moment and we want to play our part in helping them when it comes to the cost of grocery shopping,” said David Potts, chief executive, Morrisons. “These price cuts will have a noticeable and long term impact on our customers' budgets and demonstrate our commitment to offering them the best possible value.”

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