UK retailer Iceland Foods has cut baby formula prices to support families and parents throughout the financial challenges many face due to inflation. The global impact of the cost of living has put many under financial strain, with many families in the UK opting out of summer plans (54 percent) to be able to put food on the table.
According to the retailer, the price of baby formula had dropped over 20 percent, which was aligned with the price drop of countless other household staple items in stores across the UK. This price drop is part of a £26 million investment in keeping prices low for consumers.
Iceland Foods conducted research which revealed that among the demographic of parents with a child under 12 months, between 18 to 35, a massive 86 percent are worried about the impact of inflation and rising costs of formula.
Of the 86 percent, 80 percent also reported feeling that retailers and supermarkets were not doing enough to help these parents afford to feed their infants.
Furthermore, Iceland's research showed that if household budgets were to come under further financial strain, parents would resort to reducing babies' feeding frequency, ignoring best-before dates, and over-diluting powdered infant formula, all of which come with health risks.
This lack of accessibility to feed infants led Iceland Foods to state that accessibility for parents to feed their babies should be ensured, with the retailer taking the lead to reduce prices of baby formula to help mitigate the growing fears of parents that are financially insecure and worried about being able to feed their baby.