As part of a fresh price cut battle, leading UK grocery retailers including Tesco and the Co-operative have announced they will be reducing the costs of everyday items in a bid to attract more customers and increase their respective market shares.
Earlier this week, Tesco released a statement detailing its plans to reduce the prices of a number of popular items, including bread, baked beans, salad ingredients and bacon.
In addition, it is making its Click and Collect service free throughout the country and decreasing its home delivery prices.
David Wood, Tesco's marketing director, commented: "I'm absolutely delighted we can do this for our customers. We never stop thinking about how to make their lives better and easier and these new lower prices on everyday products will really help families on a budget."
Mr Wood used the example of a family of four who have a traditional English breakfast once a week to demonstrate how much shoppers could save per year thanks to the price cuts. He said that by reducing the cost of bacon, eggs, tomatoes, bread and butter, a family like this could save approximately £96 over a 12-month period.
The Co-op is also planning to cut the cost of items such as bread, eggs, milk, bacon and chicken in a bid to become the UK's best grocery retailer.
A high-profile marketing campaign will accompany these price cuts and they will be branded in-store under the slogan 'Fair and Square'.
In a statement, the Co-op said its decision to reduce prices was in response to customer feedback, which showed that consumers want the businesses to place a greater focus on providing good quality but budget-friendly essential items.
Steve Murrells, chief executive of Co-operative retail, said: "By introducing permanent price reductions on hundreds of key product lines, we are further responding to the needs of local people in providing them with a compelling and truly convenient shopping experience."
Additionally, the Co-op is planning to open more than 100 new stores this year, meaning an increased number of consumers will be able to benefit from the reduced prices.