Brakes has announced a price lock on 1,850 products until October, addressing inflation concerns.
- This decision provides stability for food businesses facing uncertainty from rising costs.
- Products affected include staple items and select frozen goods, crucial for many businesses.
- Chief Commercial Officer Paul Nieduszynski highlighted the aim for business peace of mind.
- Brakes joins other retailers like M&S and Tesco in their price lock initiatives.
Brakes, a leading wholesale foodservice supplier, has introduced a significant measure to counteract the effects of rising food inflation by freezing prices on 1,850 of its own-brand products. This initiative, which will remain in place until October 2023, is designed to offer certainty to food businesses that are struggling with planning and budgeting due to escalating costs. Among the products benefiting from this price lock are essential items like baked beans, tuna chunks, chopped tomatoes, and caster sugar, as well as frozen items such as hash browns, chips, peas, and chicken chunks. This decision aims to help businesses navigate through the uncertain economic landscape with more confidence.
The initiative was announced with an official statement from Sysco GB’s Chief Commercial Officer, Paul Nieduszynski, who remarked, “From tuna to tinned tomatoes and cookies to chips, we’re holding 1,850 prices across popular Brakes frozen and ambient products.” He added that with inflation and input costs reaching unprecedented highs over the past year, the decision to hold prices is intended to provide certainty and peace of mind for operators over the coming months. This move is seen as a strategic effort to retain customer trust and maintain market stability in challenging times.
The price lock by Brakes follows similar actions from other major retailers. Earlier this month, M&S extended its price lock guarantee on over 100 products, a strategy echoed by Tesco which has secured price stability on more than 1,000 everyday items including Yorkshire Tea and McCain Oven Chips until July 2023. These actions reflect a broader industry trend where suppliers are striving to mitigate the impact of economic volatility on their customers.
In an economic climate marked by unpredictability, measures such as those taken by Brakes, M&S, and Tesco provide critical relief to businesses and consumers alike. The initiatives offer a bulwark against inflationary pressures, ensuring that basic commodities remain accessible to a wide spectrum of the market. This alignment amongst key players underscores the importance of strategic pricing in maintaining consumer loyalty and market equilibrium amidst fluctuating market conditions.
Brakes’ price lock initiative is a decisive step towards offering stability in a volatile market, reassuring businesses facing economic challenges.
