Tesco Ireland has announced a campaign of price cuts for its customers, with 700 products affected.
In a bid to help alleviate inflation and the cost-of-living crisis, the retailer is reducing the prices, with Finance Minister Michael McGrath characterising the price cuts as a "significant turning point" for Irish consumers.
Mr McGrath predicts grocery prices will begin falling across the board after 18 months of soaring inflation.
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"These reductions are very good news for consumers," he told RTE Radio One, adding that everybody has seen the really significant spike in prices over the last 18 months.
Minister McGrath also expressed his belief that "it's only a matter of time before other grocery providers respond."
With an average price decrease of 10 per cent, Tesco customers will save on a wide range of Tesco own-brand products and popular brands.
Joe Manning, Commercial Director, Tesco Ireland said the food retailer is working hard to invest in helping families, by cutting prices on hundreds of products and committing to discounts across a hugely diverse range of items including grocery staples, household products and family favourites.
Tesco also offers an Aldi Price Match, keeping costs for some items the same as its budget competitor, as well as offering exclusive deals through Clubcard discounts, helping families curb the impact of inflation at the tills.
"We also work very closely with our suppliers to manage their input inflation and their cost price pressures. As our costs are reducing from our suppliers, we are now able to pass those savings on to our customers," Mr Manning said.
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