Supermarket Iceland slashes price of baby formula to combat cost of living
Iceland has made an announcement regarding a price reduction of over 20% for its range of formula milk, with the intention of aiding individuals with young children during a period of high living costs.
This price cut pertains to Iceland’s own brand of infant, follow-on, and toddler milk formula products, available both in their stores and at Food Warehouse outlets.
In the prior month, Metro introduced the Formula For Change initiative in collaboration with the family support organization Feed. This campaign aims to address the escalating prices of baby formula in retail establishments across the UK.
The petition associated with this campaign, advocating for governmental permission for retailers to accept loyalty points, grocery vouchers, and store gift cards as payment for essential items, has recently achieved over 40,000 signatures.
Over the past two years, research conducted by First Steps Nutrition has revealed a 45% price increase for the least expensive formula brand.
Iceland has highlighted that 86% of individuals aged 18 to 35, who have a child under one year old, express concerns about the rising costs. Additionally, 80% of them desire greater efforts from supermarkets to make baby formula more affordable.
The retailer has pointed out “recent alarming reports” indicating that parents have been reducing feeding frequency, disregarding best before dates, and diluting the formula excessively due to financial strain.
Richard Walker, the executive chairman of Iceland Foods, emphasized that the company is unwilling to accept such practices and considers reducing prices to be the appropriate step in supporting customers.
He further stated, “If parents are unable to breastfeed or choose to use formula for any reason, it is crucial that we ensure accessibility for them.”
Notable figures like Katherine Ryan, Ashley James, and Michelle Heaton have endorsed the Metro campaign petition.