A MAJOR homeware and fashion retailer with hundreds of UK stores has slashed prices on over 700 products as inflation eases.

Matalan has pumped £35million into lowering prices on everyday essentials such as clothing, bedding and kids’ items.

Matalan has slashed prices on hundreds of products as inflation eases

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Matalan has slashed prices on hundreds of products as inflation easesCredit: PA

The retailer has cut the price of its women’s hoodies from £15 to £12.50 while men’s straight cut jeans have dropped to £10 from £11.

Single, double and king size bed sets have been slashed by £3 too, as the chain cuts costs by an average of 15%.

Shoppers can pick up the reduced items in all of Matalan’s stores and on its website from today.

Matalan said it had been able to slash prices after production costs fell.

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Jo Whitfield, chief executive officer, added: “The start of the year is always a tough time financially and this year, given how difficult 2023 was for so many families, it’ll be harder than ever.

“So, for 2024 we want to start the year off differently.”

Matalan isn’t the only retailer to slash prices on products in recent months.

Last week, Asda announced it will now price match both Aldi and Lidl on almost 300 everyday products.

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The retailer, bought out by the billionaire Issa brothers in 2020, has reduced costs on 287 items by an average of 17%.

In August last year, it also said it would drop prices on over 420 branded and own-label products to help customers with the cost of living.

The same month, Ocado and Sainsbury’s both cut prices on hundreds of their own products.

In October, Aldi reduced costs on a number of household staples.

It comes as the CPI measure of inflation eases across the UK, slowing from 4.6% in October to 3.9% in November.

It means the cost of everyday essentials is still rising in price, but at a lower rate than before, reducing pressure on households.

Meanwhile, data from Kantar last week revealed grocery price inflation slowed to 6.7% in December, it’s lowest level since April 2022.

It comes after the figure peaked at 17.5% in March last year.

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This post first appeared on thesun.co.uk

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