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Morrisons boss vows to keep lid on price rises this Christmas 

Morrisons boss David Potts has pledged to keep prices low over Christmas, freezing the average price of more than 100 key products including mince pies and turkeys, despite the biting cost of inflation.
Mr Potts said: “We promise to keep the broad basket of over 100 items that customers most rely on each year at no more than last year’s prices.”
Although not all of the 100 items will have their prices frozen, some will be cut to offset any rises, keeping the average the same as last year.  
Morrisons has been “grappling” with food inflation caused by the weak pound’s impact on import prices in recent months, Mr Potts said. 
Inflation hit its highest level in five-and-a-half years last month as prices climbed 3pc on the back of rising import and energy costs.
But Mr Potts vowed to continue improving Morrisons' prices in comparison with its rivals.
“As a value for money retailer it falls to us to become increasingly competitive whatever the prevailing circumstances are,” he said.   
“Our competitiveness has to continue to improve - it's what the business requires in its turnaround to serve customers better.”
Morrisons boss vows to keep lid on price rises this Christmas 

Morrisons boss David Potts
Mr Potts was speaking after Morrisons reported its eighth quarter of like-for-like sales growth.
Sales excluding fuel at stores open more than one year climbed 2.5pc in the 13 weeks to October 29.
But that is down from the 2.6pc like-for-like growth recorded in the previous quarter and 3.4pc in the one before that.
Penny-pinching consumers were turning away from premium brands in favour of supermarkets’ own products, Mr Potts said.
“I think we’re well-placed to help customers in that way because we’re overhauling all of our own brands this year.”
Morrisons’ new premium The Best range will expand to include 1,000 products, Mr Potts said.  
Britain’s fourth-largest grocer had struggled under previous boss Dalton Philips as it lost market share to burgeoning low-price competitors Aldi and Lidl.
But it is now growing faster than its larger rivals Tesco, Sainsbury’s and Asda, according to data published last month by Kantar Worldpanel.  
Morrisons
The retailer is keen to grow its wholesale revenues, which contributed 0.4pc to total like-for-like sales growth.
It currently supplies food to online giant Amazon and petrol station operator Rontec and recently signed a deal to supply convenience chain McColl’s.
Bryan Roberts, a retail analyst at TCC Global, said: “What is particularly pleasing is that wholesale is contributing to growth: Amazon and B2B wholesaling will be complemented next year by the renaissance of the Safeway brand within the McColl’s supply deal and Morrisons’ strategy of low capital, low-risk growth will really start to bear fruit.”
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