The Foodstuffs Price Rollback initiative took place in May this year, reducing select grocery items by ten percent. Since the initiative began, New Zealanders have averaged nearly $1 million a week in savings and purchased a total of 25 million rollback products.
"We estimated this initiative would save customers about $500k each week, so it's been fantastic to see the actual savings come in at over double that," said Chris Quin, Foodstuffs NZ Managing Director.
PAK'nSAVE, New World and Four Square stores will continue the rollback initiative, which takes prices back to 2021 levels.
"To make sure we continue to support New Zealanders through this time of record inflation across the board, we’ll continue with rolled back prices on key everyday items, and New World and Four Square stores will be launching new everyday low pricing initiatives to help New Zealanders find value, give price certainty at the checkout, and continue fighting inflation."
Earlier this week, Infometrics released the Grocery Supply Cost index, showing a record increase of 7.9 percent in the cost of products supplied to Foodstuffs. These costs make up 68 percent of every dollar on the shelf. Significant factors such as fuel, fertiliser, and energy are driving up the cost of food across the nation, alongside the current squeeze on labour.
"Like any retail business, we're focusing on buying well right now to keep costs down. We know New Zealanders are facing record household cost increases across the board, so we're working hard to deliver value within the 19 cents of every retail dollar on the supermarket shelf we're responsible for by finding efficiencies in our business and not adding costs," said Quin.
