Poundland is slashing the prices of big-selling products with many items returning to a £1 price point.

Poundland shelves with Dettol cleaning products

Dettol products are among those being reduced to £1

The initiative “Operation Sell for Less” will see over 800 stores across the UK take part in the scheme.

Big-selling lines will come down in price, with various items now at over a third less than RRP. Dettol surface wipes, Harpic cleaning gels, Nivea shower creams and Lynx deodorants are some of the products falling from £1.25 to £1.

Other items will come down from £1.50 to £1 and 1l bottles of Coca-Cola will be slashed from £1.65 to £1. Big sellers have also been reduced below £1 including Pot Noodles and Bodyform lines reducing to 85p.

The move comes as last week’s inflation data showed price rises were moderating as it fell to 7.9% in June from 8.7% in May.

Research released by Poundland also revealed that despite falling inflation, customers are still worried about the cost of living.

A survey of Poundland shoppers found 74% of them are worried about tax and national insurance rises and 57% say they have to plan their budgets carefully or can only afford what they need.

Poundland trading director Tim Bettley said: “We’ve worked hard since the beginning of the cost-of-living crisis to maintain our promise of amazing value to customers, and our consistent, steady growth shows they’ve noticed.

“But we also know the pressures are still real. Energy prices may be falling but mortgage costs are on the rise, so our job, now inflation is beginning to ease, is to do everything we can to pass on lower prices as soon as we can.

“We know that discounters like us passing on cost savings quickly can help lower prices right across the market and drive inflation down faster.

“We’re committed to that mission of delivering amazing value – and we know how much that matters to our customers.”

The announcement follows Poundland accelerating its grocery rollout and it is also continuing to revamp its stores.

The value retailer will be opening or relocating nine new stores over the coming weeks in Braehead, Frome, Torquay, Ipswich, Selby, Pontefract, Cardiff, Stafford and Ryde.