Marks and Spencer Group PLC (LSE:MKS) is the latest supermarket to cut food prices, adding to signs that a jump in inflation is set to abate, Reuters has reported.
M&S said it has cut the price of 70 staple products, such as beef mince, Greek-style yoghurt, salmon fillets, chickpeas and tortilla wraps, by between 3% and 25%.
The group is also locking the prices of 150 products until the autumn, including pork sausages, Cheddar cheese and coleslaw, Reuters noted.
Price cuts at supermarkets are becoming more common in recent months, with Morrisons announcing reductions earlier today.
Tesco, Sainsbury, Asda and Waitrose have also joined the supermarket price war.
There is an increasing concern that Prime Minister Rishi Sunak's key pledge to halve inflation in 2023 could fail, driven largely by persistently high food inflation.
In April it reached more than 19% in April and in May was at 17.2% in May, according to industry data.
Any signs that inflation could stall or even reverse in the coming months are being closely watched by the Bank of England, which is widely expected to raise UK interest rates after its latest monetary policy meeting this week.
Last week, the government quietly dropped plans to place price caps in supermarkets.
An outburst from the British retail consortium claimed the caps would not change inflation rates leading to the government stating it had never planned to introduce such measures.