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Woolworths and Coles slash prices on hundreds of products for three months

Supermarket giants Coles and Woolworths have announced they’ll each be dropping the price of hundreds of products after reporting massive annual profits.

Coles says it is slashing the cost of 500 products, while Woolworth is cutting the price tag on 450 products.

It comes after both supermarket giants reported bumper annual profits of more than $1 billion each, with customers bearing the brunt of the cost of living crisis.

For more Supermarkets related news and videos check out Supermarkets >>

Of 4000 customers who responded to a cost of living survey conducted by Coles, 90 per cent said they were sticking to a strict budget, and 50 per cent were cooking more at home, batch cooking to freeze, and “bulking out” their meals.

Popular family dinner ingredients, school lunch essentials and cleaning and hygiene products make up the bulk of the reduced range at both supermarkets.

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Woolworths said it had taken a total of $615 from the range of reduced products, which are now 17 per cent cheaper on average, and Coles announced on Wednesday an average price reduction of 19.7 per cent on its reduced range.

Coles CEO Leah Weckert said the campaign was the company’s “biggest investment in value for at least three years”.

“We’re really committed to making sure that every family can afford to put great quality food on their table for their family,” Weckert said.

KCM Trade market analyst Tim Waterer told 7NEWS: “Hopefully for the consumer, the current rate of disinflation holds, and we see prices continue to drop going forward.”

Woolworths and Coles are collectively slashing prices on 950 products until the end of November. Credit: AAP/Getty

Woolworths shared some additional ways to save money while shopping, including shopping its Odd Bunch fruit and vegetable range for savings of up to 20 per cent, buying fresh produce in season, and using the catalogues to plan weekly shops based on weekly specials.

“We looked at how we could create healthier meal ideas, including affordable lamb roast, weekday dinners and healthier lunchbox snacks kids will love,” Woolworths managing director Natalie Davis said.

A dollar or two will drop from the everyday basics ingredients across the supermarkets, including meat products such as mince, nuggets, battered whiting, canned tuna, premade lasagne, spaghetti, frozen chips and apple juice.

And for the lunch box, similar savings will be seen across items such as baby cucumbers and tomatoes and fruit straps.

Some products will receive an even larger discount, with products set to be reduced by 50 per cent.

Both of the supermarket giants have claimed that the low prices will last at least until the end of spring in late November.

The secret Coles price tag code you had no idea about – and what it means

Woolworths under fire over major change to popular store: ‘Give us a break’

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