Waitrose has cut prices on over 200 of its own-brand products as part of a £30 million investment aimed at providing better value for customers.

The upscale supermarket chain has decreased the prices of hundreds of products from its Essential and Duchy Organic brands by 8% on average, with dairy, fish, meat and poultry, ready meals and frozen lines reduced by an average of 10%.

Waitrose mentioned that these price reductions are just the beginning, with further cuts planned for the Spring.

Waitrose's Executive Director, James Bailey, said “This £30m investment in new lower prices demonstrates our continued commitment to offering our customers the best value for money without compromising our unique, high-quality food sourced to industry leading animal welfare standards.

“We’ve chosen to lower the prices of hundreds of popular products including fresh, frozen and store-cupboard staples, as well as meat and fish on our fresh food counters to make a real difference to our customers’ baskets.

“In addition to this investment in price we’re constantly looking at new ways to offer customers great value such as free coffee, money-off vouchers, and lowering prices when costs fall as inflation comes down.”

Recently, it was revealed that the owner of the supermarket chain, John Lewis Partnership, had reached a £125 million agreement to sell 11 of its stores to investment firm M&G.

The business will leaseback the supermarkets, which are predominantly located in the south of England, on 20-year inflation-linked contracts.

The deal comes as the partnership is looking to raise additional cash to fund its turnaround plan, which suffered a two-year setback due to inflationary pressures.