In a landmark announcement, Co-op has revealed its plan to invest £70 million in price cuts across nearly 200 everyday essentials.

This announcement marks the largest single investment in pricing ever made in the convenience sector, designed to alleviate the ongoing cost-of-living crisis affecting many households in the UK.

Products such as milk, eggs, and bread are set to see a price drop, with Co-op members projected to save up to 11% on these retail prices. The company's move responds to insights revealing that consumers prefer consistently lower prices on frequently purchased items, rather than rotating discounts on an array of products.

Co-op's investment extends beyond member-only pricing, also targeting more than 600 lines for standard retail price reductions. The intention is for these items to be priced the same or even cheaper than other national convenience stores.

Matt Hood, Managing Director for Co-op Food, emphasised that the price investment aims to make a tangible difference to the budgets of millions of Co-op customers and members.

"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," he said.

"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.

"We are focused on delivering member-value in a way that will make the biggest difference to their weekly budgets, and I'm clear there should be no compromise on quality and value by shopping in convenience. This is not a loyalty scheme but rather the Co-op difference in action, whereby the people who own our business, our members, benefit every time they shop."

Co-op's recent 'member-only offers', introduced in April, have already attracted nearly 40,000 new members each month. With these new member-only prices and existing member-only offers, shoppers could save on average £500 a year by becoming a Co-op Member.

Now may be an opportune time for UK consumers to consider joining the Co-op to take full advantage of these potential savings. Co-op, one of the world's largest consumer co-operatives with an annual turnover of over £11 billion, continues to strive for its members' benefits and community-led programmes, donating £116 million to communities since 2016.

For anyone affected by the cost-of-living crisis and seeking further assistance, we encourage you to click on the 'Government help for households' banner on this page.