Britain’s second leading supermarket chain, Sainsbury’s is investing £150m to fund price cuts to help the company compete with fast-growing discounters at a time when UK grocery inflation remains high.

Sainsbury’s said it would cut prices on 930 products including cereals, vegetables, meat, cheese, pasta and ready meals.

The price cuts include both the retailer’s own brand food ranges and a number of branded household items.

Sainsbury’s estimates that a typical weekly family shop will be £4.95 cheaper as a result of the price cuts, which is a fall of 8% from £62.88 to £57.93.

Among the products that will be cheaper is Dove’s Deeply Nourish bodywash, which has gone from £3.50 to £2, a £1.50 saving, as well as 50p off Right Guard deodorant and 50p of a Pantene Classic 2-in-1 shampoo/conditioner.

Dinner items will be 30p cheaper, while Sunday roast items such as British garden peas and baby carrots will be 35p and 20p cheaper each.

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Customers can also save 25p on Frosted Flakes cereal, 20p on cherry tomatoes or 10p on free range medium eggs.

According to Sainsbury’s by investing £150m in the price reduction these cuts will benefit over 12 million customers.

Sainsbury’s Chief Executive Mike Coupe said: “We know our customers choose to shop at Sainsbury’s for our fantastic quality and choice. These low prices now give customers more reasons to visit our stores.”

He added: “We are committed to making shopping with us a great experience and today’s announcement is further demonstration of how we are investing to help our millions of customers live well for less.”

Figures from market researcher Kantar Worldpanel show that grocery inflation stood at 2.9% in the 12 weeks to 28 February down from 3.6% in its last report.

The report shows that prices are rising fastest in markets such as butter, fresh fish and fresh pork and are falling in only a few markets, including cooking sauces and laundry detergents.

In recent years Britain’s leading supermarkets have lost market share to German discounters Aldi and Lidl, both of which are expanding rapidly.