Aldi chief executive Giles Hurley has vowed to invest more than £380million in fresh price cuts this year to help shoppers cope with their squeezed budgets.

He said that Aldi will have invested more in lower prices in 2024 than it did last year, and to that end, it has already spent £125million on lowering the cost of around 500 items since the start of the year. That is equal to around a quarter of its range or a third of its fruit and vegetable selection.

“We know that shoppers remain under pressure from the cost of living, which is why we remain laser focused on offering the lowest possible prices,” Hurley said. “We are investing more than ever before in lowering prices, and we will continue to do whatever it takes to keep grocery prices as low as possible for the millions of customers that shop with us.”

Aldi’s vow to keep cutting prices comes alongside existing plans to open 500 new stores, which will create 5,000 new jobs. The discounter currently has over 1,000 supermarkets across the country. In particular, it is looking to build 100 new stores in well-heeled parts of the capital like Chelsea, Kensington and Notting Hill.

Last month, Aldi gave its staff a second pay rise this year. Hourly rates for store assistants and deputy store managers will rise from £12.00 to £12.40 outside the M25 and from £13.55 to £13.65 within the M25, from 1 June 2024.