Retailers have moved to cut the price of their own-brand bread, with Tesco cutting its bread prices by 10c.

From Thursday, Tesco own-brand 800g white sliced pan will now be priced at 89c, down 10c from 99c, and corresponding reductions will apply to all other Tesco own-brand sliced pans.

Aldi and Lidl also cut the price of their own-brand bread by 10c.

Natasha Adams, CEO, Tesco Ireland said: “Following our reduction in butter and retail milk prices in recent days, we are investing in bread retail prices to help customers with their household costs.”

Bread is the latest grocery item to be cut in price, after supermarkets cut their own-brand milk and butter products in recent weeks.

The Retail Forum met with Minister of State Neale Richmond on Wednesday on food prices on shop shelves.

The minister said he “received assurances from retailers that, where reductions in input costs filter through to products, consumers will benefit from this”. He is to meet with the IFA this Thursday.

IFA president Tim Cullinan told the Irish Farmers Journal ahead of the meeting that one of the IFA’s key demands will be that “farmers can’t carry the can for everybody” when it comes to food prices.

“No one knows what share of the price retailers are obtaining,” he added, renewing his call for a food regulator to be put in place.

Independent TD for Sligo-Leitrim Marian Harkin said: “The spiralling inflation in food prices allied to the shrinkflation and contraction of product sizes are a perfect recipe for profiteering.”