Tesco has estimated that its Big Price Drop initiative has stimulated 1 million extra transactions per week.

The grocer said it had experienced the jump in the purchase of everyday products included in its promotion since its launch three weeks ago.

In total, Tesco had processed more than 45 million transactions of lines included in the initiative.

The grocer invested £500m in the Big Price Drop. It launched at the end of September and has cut prices on more than 3,000 household staples.

Over 10 million Clubcard customers - 90% of Clubcard customers who have shopped with the supermarket over the past three weeks - have taken advantage of the lower prices.

Everyday items such as a whole chicken, Maris Piper potatoes and salad tomatoes have proven particularly popular according to the grocer.  Tesco has calculated that since the Big Price Drop launch customers have saved over £370,000 each week on these items alone. 

The supermarket said that the level of food inflation has been almost halved for customers since the debut of the Big Price Drop.

Tesco UK chief executive Richard Brasher said: “The Big Price Drop is very popular with customers and millions are already voting with their feet.

“In these tough times we are lowering the inflation customers experience on their weekly shop by reducing prices on more than 3,000 products that families need to buy most.”

The retailer has launched a Facebook application for the Big Price Drop which will allow customers to tell the retailer where they most value reduced prices.

The app will be promoted through existing advertising for the Big Price Drop on television, radio, press and outdoor as well as through digital advertising. 

Products from the most popular categories will be added to the promotion.