Co-op has invested £70 million to extend lower prices for members to around 200 everyday items.

The supermarket claims it is the biggest investment ever announced by a convenience retailer.

Additionally, the investment also includes a price reduction on more than 600 lines, to ensure they are in line or cheaper than other national convenience stores.

Members of the Co-op’s loyalty scheme can save up to 11 per cent on items including eggs, milk and bread and around £500 per year.

The Co-op introduced offers for its members in April, with move seeing nearly 40,000 new members sign up to take advantage of the deals.

“Whilst food inflation is starting to slow, household budgets remain under huge pressure, so this major price investment will make a real and tangible difference for millions of Co-op customers and members,” said Matt Hood, managing director for Co-op Food. “This £70m investment is the most significant ever made by a convenience retailer, allowing us to turbo charge our member pricing proposition for the millions of our members who shop with us every day, by tailoring the price cuts to those key lines we know our members buy the most.”

Several supermarkets have recently announced price cuts in response to the cost-of-living crisis and rising food prices, including Iceland which announced it is investing around £26 million each year achieve price cuts on 500 items.

In June, Morrisons said it would lower the prices of around 500 products.

Waitrose also recently announced it will lower the prices of around 200 items, with around half dropping in price by 10 per cent.

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