The Co-operative Group has cut the price of hundreds of products in a £50m long-term investment.

A total of 640 products – including own brand and mainstream brands – have been cut by an average 14%, with some products slashed in price by more than 40%.

Based on purchasing eight of the cut-price lines each week, the Co-op estimates that shoppers could save £119 per year on their food bills.

Fairtrade bananas are down 16p to 79p, a whole cucumber has been chopped down 18% in price to 45p, baby plum tomatoes cost 77p - down 22p - and a lettuce is 15% cheaper.

A cheese and tomato pizza has dropped almost a third to 55p while 29 Co-op ready meals cost almost 25% less. These include a sweet and sour chicken egg fried rice or chicken korma with pilau rice meal which can be bought for £2.75 each, down from £3.59.

British-produced goods are among those with price cuts, including beef mince down 50p to £1.89, honey roast ham down from £2 to £1.59 and bacon trimmed by 30p to £2.09.

Co-op Retail chief executive Jo Whitfield said: “Many shoppers feel the pinch after Christmas and we are committed to offering our customers value for money and cutting prices to make household budgets go further.

“We are the most visited food retailer on the high street but competition is tight and we want to keep attracting shoppers through the door. Big discounts across fresh food makes it easier for customers to shop healthier as well as fill their cupboards and these price cuts are part of our strategy to make Co-op the UK’s number one convenience retailer.”