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. Last Updated: 07/27/2016

U.K. Supermarket War

LONDON -- British supermarket chain ASDA Group PLC said Monday it was reducing permanently more than 1,000 prices at its stores in a move that would save shoppers pounds 200 million ($321.9 million) a year.

ASDA's so-called "Rollback" promotion represents the latest shot in a price war being waged by supermarket chains across selected product lines. Tesco PLC, Britain's biggest food retailer, last month slashed prices on hundreds of items.

The Rollback promotion is the first part of a phased program of price investment to convert promotional spend into permanent price cuts. Of the pounds 200 million investment, around pounds 150 million is existing promotional spend.