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According to Bloomberg, Tesco has cut prices on 5,000 grocery items this week, with a further 3,000 reductions expected at the end of the month. Meanwhile, Asda decreased the price of its ten top-selling products, including eggs and bread. The promotional offer is to last three days and the retailer claims it will cut the cost of a basket by 25 per cent.
Tesco and Sainsbury's saw their share of the British food market under threat in the last quarter, while Morrisons and Asda saw gains in their standing.
Credit Suisse analyst Tony Shiret commented: "The consumer move to `value' in food has been gaining pace in the U.K. over the last few weeks."
Asda says its reductions knock more than five pounds off a typical basket containing bananas, potatoes and pork sausages.
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