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LONDON - Tesco said today it will cut prices by 60 million pounds ($91.4 million) on 500 product lines in 660 UK stores beginning Monday July 1.
The UK's biggest food retailer said the cuts are long term and come in addition to ongoing special promotions.
"We're spending millions more to extend our price basket. Now it will not only cover products that are the same in other shops, like Walkers crisps -- but also those that are better quality than elsewhere, for example Tesco Black Forest Gateau," said Tesco marketing director Tim Mason.
"Even though they are higher quality, these products will now be cut to make them the best price in the market. No one will be cheaper than Tesco," he said.