The budget retailers announced on Friday (April 14) that they will be cutting the cost of their four-pint own brand bottles by 10p from £1.65 to £1.55.
The changes come as customers grapple with the rising cost of living as the price of their groceries skyrocket to their highest level in decades.
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The latest figures released by the ONS show that the price of food has increased by 18% in the year to February.
A one pint bottle of own-brand milk will be 5p cheaper at 90p in the latest round of price cuts.
Meanwhile, the cost of two pints will be reduced from £1.30 to £1.25.
A spokeswoman for Lidl said that its latest price cut would not impact farmers.
Customers will be able to get the new prices online and across all Aldi and Lidl stores from today (April 14).
The change will come into effect in Asda from April 15.
Tesco was the first supermarket to announce that it was dropping the price of its milk on Wednesday.
The supermarket also informed shoppers that it would be pricelocking 1000s of its everyday products until July.
Among the pricelocked products are Yorkshire Tea – 40 bags £1.50, McCain Naked Oven Chips – straight, 900g £1.95, Cushelle Toilet Tissue, white – 9 roll £5.60 and Aquafresh Fresh & Minty toothpaste 75ml 80p.
Tesco UK Chief Executive, Jason Tarry, said the continued price-lock on many everyday essentials, as well as the drop in milk prices will help to provide customers with peace of mind at a time when many families are still feeling the effects of an increase in the cost of living.
He said: “We know that customers are still having to budget carefully, so we’re pleased to be able to reduce prices where we can, and also give them a little extra help by locking the prices of more than a thousand everyday products. Milk is a key everyday staple for so many families. We’ve seen some cost price deflation for milk across the market in recent times, and we want to take this opportunity to pass that reduction on to customers.
“This will not affect the price we pay our farmers. Our Tesco Sustainable Dairy Group was set up to ensure that farmers across the UK get a fair, independently-set price for the milk they produce for us. Our model gives farmers security when the market price for milk falls below the cost of production and reflects our long-standing commitment to our farmers.”