Sainsbury’s has initiated a new round of price cuts which it says should reduce the price of an average family shop by 8%.

The grocer is investing £150m in lowering the prices of everyday products such as cereals, meat and cheese.

Prices of 930 products, own-label and branded, have been lowered from today.

Sainsbury’s estimated that a typical weekly family shop will be £4.95 cheaper as a result of the price cuts – a fall of 8% from £62.88 to £57.93.

Sainsbury’s chief executive Mike Coupe said: “We know our customers choose to shop at Sainsbury’s for our fantastic quality and choice.

“These low prices now give customers more reasons to visit our stores. They can do their entire shop with us, confident that they are getting great low prices as well as Sainsbury’s quality and choice.

“We are committed to making shopping with us a great experience and today’s announcement is further demonstration of how we are investing to help our millions of customers live well for less.”

The price push came as consumers’ disposable income remains under pressure. The rate of inflation in February was down month on month, but still stood at 2.7%.