Retailers resolve to cut more prices in 2012

Supermarket price-cutting wars are intensifying as the major multiples attempt to offer unmissable deals to pull in shoppers and avoid a post-Christmas slump.

Tesco is rolling out 15 per cent or more reductions on over 350 items in the third wave of its Big Price Drop campaign. A pack of British Apples has fallen from £1.47 to £1.20 and a packet of Tesco Frozen Baby Carrots is 20 per cent cheaper at just 80p.

Morrisons has said it is following suit by cutting prices on thousands of items and reviving its saver stamps scheme.

Asda is also expected to reduce thousands of products while Sainsbury's has announced it is continuing its Brand Match scheme indefinitely.

The Brand Match initiative provides customers with coupons if their basket would have been cheaper at Asda or Tesco.

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