Waitrose & Partners is to invest £100m in cutting the prices of hundreds of its own-brand products in a bid to compete with rival supermarkets as the grocery sector deals with record-high inflation.

The investment follows grocery price inflation hitting a record 16.7% in the four weeks to January 22, 2023.

Over 300 own-brand products such as British carrots, frozen peas, Fairtrade tea and British sausages will have their prices reduced.

Waitrose said a quarter of the own-brand products being cut will see prices slashed by 20% or more from Feb 15, while almost a third of the lowest-priced Essential Waitrose range will be reduced by an average of 14%.

Supermarkets have been elevating their own-label ranges recently to help customers reduce costs and battle inflation, and sales of these lines grew by 9.3% in January.

Waitrose executive director James Bailey said: “We understand that getting value for money has never been more important for everyone. So we’re cutting the prices of hundreds of everyday favourites from carrots to butter, and tea and coffee, with many cut by 20% or more. 

“This means our customers can enjoy greater value in every shop, and by lowering prices in our Essential range we’re making our lowest prices even lower.

“Although we’re cutting prices we won’t compromise our commitments to delivering excellent customer service, exceptional quality and the unique ranges we know our customers love; as well as our commitments to our farmers and suppliers which means customers can continue to feel good about shopping with us.”