Swiss grocery retailer Migros is to reduce prices across its stores on more than 2,200 items at the end of the month, on a permanent basis.

The retailer said today (23 December), that price cuts will come into force from 29 December, a reduction of around 20%, an investment of CHF160m (US$166.5m) by the firm.

Food products included in the price cuts will include dairy, eggs, chicken, water and olive oil. Cuts will also include Migros’ organic range, with 60% focused on fresh products.

“The discounts apply to both foreign as well as private labels,” the retailer said.

Migros insisted that the price cuts are permanent and will not be offset by price increases in other areas. The price cuts will be accompanied by an advertising campaign.

“As promised two years ago, we give this price reduction to our customers who will also benefit from our efficiency gains from procurement and logistics,” added Oskar Sager, chief marketing officer.