Co-op cuts prices of 600 products with £50m investment

The Co-op has announced a £50m investment to cut the cost of everyday food, lowering the prices of more than 600 products.

It attributed the decision to “tight competition” on the high street.

Some products have been lowered in price by over 40% and, on average, more than 600 products now cost 14% less.

Co-op fruit, vegetables, bread, fresh meat and ready meals, as well as household brand names have been trimmed, aimed at helping shoppers save almost £120 a year on their food bills.

Over 50 varieties of fruit, vegetables and salad items are cheaper. Fairtrade bananas are down 16p to 79p, a whole cucumber has been is down 18% in price to 45p and a lettuce is now 15% cheaper.

Ready meals and pizzas have also been sliced in price. A cheese and tomato pizza has dropped almost a third to 55p while 29 Co-op ready meals cost almost 25% less. These include a sweet and sour chicken egg fried rice or chicken korma with pilau rice meal which can be bought for £2.75 each, down from £3.59.

Jo Whitfield, Co-op Retail chief executive, said: “Many shoppers feel the pinch after Christmas and we are committed to offering our customers value for money and cutting prices to make household budgets go further.

“We are the most visited food retailer on the high street but competition is tight and we want to keep attracting shoppers through the door. Big discounts across fresh food makes it easier for customers to shop healthier as well as fill their cupboards and these price cuts are part of our strategy to make Co-op the UK’s number one convenience retailer.”

She added: “We have the ambition for our stores to be at the heart of local life, bringing communities together and offering our members and customers great quality products when and where they need them.”