Coles has reduced the prices of 500 products since the start of the year. Credit: Coles.

Australian supermarket chain Coles has announced a reduction in the prices of hundreds of products across its stores.

The latest reduction is part of the retailer’s Autumn and Winter Value campaigns, which aim to lower the cost of breakfast, lunch and dinner items for customers.

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The prices of more than 200 products, including winter staples like soups, tea, coffee, oats and convenience meals, have been reduced.

In January, Coles announced plans to cut the prices of more than 200 products.

Coles commercial and express chief executive Greg Davis said: “Since the start of the year, we’ve lowered the price of 500 products, and we’re not finished yet.

“With many Australians looking for ways to save money on regular purchases, we’ve lowered the cost of some of Australia’s most enjoyed breakfast, lunch and dinner items to deliver even better value to our customers.

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“We are seeing a trend of customers wanting affordable convenience and we’ve responded to this by doubling our range of ready-to-heat and ready-to-eat meals at Coles.

“By lowering the cost of our popular Coles Kitchen convenience meals, as well as our delicious hearty soups for winter, we are inspiring customers with great value premium quality meals that are quick and easy to prepare at home or on-the-go.”

Coles has lowered the price of its breakfast options, with four packs of bagels now costing $2.50 and ten packs of Moccona coffee capsules now costing $4.50.

The retailer has also reduced the prices of certain lunch and dinner items.

British supermarket chain Sainsbury’s recently announced a £50m investment in targeted price reductions to help customers save while purchasing popular items over the coming months.

The retailer reported a 1.6% increase in its total retail sales, apart from sales of fuel, for the first quarter of the year.