UK supermarket giant Tesco today [Thursday] revealed plans to cut prices by a further £60m (US$91m).

From next month, price tages on some 500 products in 660 stores will be dropped, representing an extension of the £1.2bn Tesco already claims to have cut off prices over the last five years.

The cost of some products will be reduced by 40%.

The company said: "No-one will be cheaper than Tesco. By reducing prices we sell more, which helps us buy for less and when we buy for less we sell for less."