The Co-operative Group is to pour GBP100m of (US$168m) investment into slashing the costs of basic household products in an apparent bid to keep up pace with price cuts taking place across the UK grocery sector.

The Co-op, the country’s fifth-largest grocer, told just-food today (24 April) it was making an “inward business investment” into a permanent price cut of some of its goods which included bread, milk, eggs, chicken, bacon and bananas.

Price cuts began yesterday and would continue “over the next few weeks and months”, a spokesperson said.

In a statement issued by the firm, Steve Murrells, CEO of The Co-op’s food retail arm, said: “The Co-operative Food is changing. We have a clear ambition to be the UK’s best community retailer, delivering deliciously food conveniently, and we understand what we need to do to get there.

“Our plans are challenging yet achievable. 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.”

As part of the price commitment, The Co-op is expanding its fresh bread range with the addition of four large family-sized loaves (800g) at just 75p each.

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Last week, Tesco announced it was dropping the prices of over 30 products including bacon, baked beans, broccoli, peppers, lettuce and bread.