Tesco has moved to cut prices for Kerrygold products in its stores in Ireland, following on from a similar announcement by Musgrave - which owns SuperValu and Centra - earlier.

In a statement, Tesco said prices will be reduced by 50c on a pound of Kerrygold.

The statement said: "Tesco is committed to providing real customer value. Today we are announcing a reduction of 50c on the price of a pound of Kerrygold butter, and this will bring the current price down from €5.49 to €4.99."

The retailer said that the reduction equates to a 9% cut in the price of Kerrygold in its stores.

Tesco said the reduction "follows recent reductions made on Tesco own-label butter products, all aimed at ensuring our customers continue getting great value on the household staples that matter the most".

Musgrave

Earlier today (Friday, January 30), wholesaler Musgrave, which owns Centra and SuperValu, announced that it will reduce the price of Kerrygold butter products in stores nationwide.

Musgrave said the reduction will be worth up to 9% across the Kerrygold range, and will deliver savings of up to 50c on Kerrygold products.

The wholesaler said this will see a range of Kerrygold branded butter products reduce from €5.49 to €4.99, and from €3.29 to €2.99.

"We recognise that household budgets continue to be under pressure and are committed to passing on savings to customers. By working closely with our suppliers, we aim to deliver value where possible," Musgrave said in a statement.

This is the second announcement of butter price reductions for Centra and SuperValu stores in about a month.

Last month Musgrave confirmed that prices on the full range of own-brand SuperValu and Centra products would be reduced across stores nationwide. That reduction took effect from December 28.

Those earlier reductions, worth up to 15%, amounted to reductions of up to 60c per pack on own-brand Irish creamery butter products, including salted and unsalted options, in both 227g and 454g pack sizes.

Also at the end of last year, Aldi and Lidl announced similar price cuts for their own-brand butter.