While many fear and expect an increase in prices on essential food items as predicted by Stats SA, major retailer Pick n Pay has announced it will invest R500 million in reducing prices on these items for customers.
“Our customers and their families are under huge pressure as the economy faces low growth and job insecurity. Currently planned at R500m for this year, this commitment will help deepen our already low prices on everyday essential items and keep basic food items even more affordable for customers,” said Pick n Pay CEO Richard Brasher in a statement.
According to Pick n Pay, various commodity lines will benefit from this commitment on a week-by-week basis.
“These products will be communicated to customers regularly and include a range of brands, including the PnP own brand range.”
The retailer proudly announced that their “continued decisive steps” to reduce operating costs and increase productivity to invest more in its customers has kept prices below consumer price inflation.
This after a decision to restrict its selling price inflation to 2.6% year-on-year, below the average annual consumer price inflation in 2019, which Stats SA reported at 4.1%.
“By becoming more efficient and effective, we can give better and better value to our customers. There has never been a better time because customers are telling us that they are deeply worried about the economic impact of Covid-19 and what this might mean for their household budgets. Our work will provide relief on essential items so we can continue to support our customers at a time when they really need it.
“This investment in our customers marks our 53rd birthday which makes it even more special as we celebrate a brand that continues to put customers at the heart of its business,” added Brasher.
This announcement comes hot on the heels of the news that the country’s unemployment rate has jumped to record highs.