Tesco has today (Thursday, March 26) confirmed a new round of price reductions on its own-brand butter and milk.

The retailer said the price a 2-litre carton of fresh milk will be cut by 10 cent to €2.35, while a 454g block of Tesco Irish Creamery Butter will go down by 40 cent to €3.39.

The move follows a series of similar price cuts by retailers in recent months.

Tesco

In a statement, Tesco said: "We know the cost of everyday essentials really matters to customers, which is why we’re lowering prices again on our own label milk and butter, following reductions we’ve made since October".

"As the world’s biggest retail buyer of Irish food and drink, we continue to work closely with Irish farmers and suppliers to champion Irish product and support sustainable agriculture across Ireland," the retailer added.

Tesco confirmed that the latest price reductions apply immediately online and will be live in Tesco stores tomorrow morning (Friday, March 27).

Price cuts

Earlier today, Lidl Ireland also announced that it will be further reducing the prices across its own-brand milk and butter range.

The retailer said it will pass on €5 million in savings to shoppers "as global commodity costs stabilise".

Lidl said that the price of a standard 2-litre carton of milk will drop to €2.25, while a 454g (1lb) block of Irish creamery butter will be reduced from €3.39 to €2.99.

The price changes for the retailer's Coolree Irish Fresh Milk and Dairy Manor butter brands are effective from today.