Christmas supermarket wars have broken out as Waitrose and the Co-op cut hundreds of prices.

Waitrose is lowering the price of more than 200 of its “basic” own label items.

And the Co-op is spending £50 million on lowering the price on more than 300 branded and own label goods.

It is also introducing an “Honest Value” range of 50 items – including British meat, soft drinks, and fruit and veg.

Both companies are looking at offering 15% reductions.

Jo Whitfield, the chief executive of the Co-op’s food stores, said:

“Value is uppermost in the minds of shoppers.”

Both supermarkets are acting after the big names – Tesco, Asda, Morrisons, and Sainsbury’s – cut prices.

Family finances are being strained by the Covid-19 pandemic.

It’s feared people will be “less indulgent” over the festive period.

Richard Lim at Retail Economics said:

“It is going to be incredibly challenging to deal with the levels of demand given the restrictions in place because of Covid-19.

“The tactic is to build up a bit of loyalty ahead of Christmas.”

Only 12% of shoppers expect to spend more this Christmas than last, said Mr Lim.

Nearly 40% plan to cut back.