Supermarket boss: 'soaring prices are sitting on my conscience'

Richard Walker said his concerns over rising prices was behind a decision - announced today (August 15) by the supermarket giant - to slash the cost of formula milk by 20 per cent.

Speaking to GB News, Mr Walker said: “Today we are advertising the fact that we are slashing the price on all formula milk in our stores.

"We surveyed over 500 of our customers around the UK 90 per cent of them are now concerned about how they can afford to feed their babies. So, you know, that sits on my conscience and alongside other products in weeks to come specifically I wanted to target formula milk

“A week's supply of milk for six months first stage formula is now £14. 50 pound 50 I mean, that's enormous when you consider some of our customers might have £30 to £35 quid a week to spend on food.

“So, we cut the price by 20 per cent. We're not making any money out of it. And we were selling that at 12 quid now and there's other brands as well. We're cutting the price of all of it. It's the right thing and we need to do everything we can to help.”

The price drop is effective from today across all Iceland stores and online.

Shoppers who visit its discount store The Food Warehouse will also see a drop in baby formula products.

For example, shoppers can save £4.75 on Kendamil stage 3 milk, 800 - down from £14 to £9.25.