The Co-op has extended its “member-only” pricing across everyday essentials, launching with a list of nearly 200 fixed lines of products.

It comes as the retailer announced its “biggest ever” single investment in pricing of £70 million today (August 2).

The company currently has more than 2,400 food stores and 4.58 million active members on its shopping scheme which aims to help people save their money.

How you can save £500 a year at the Co-op on milk, eggs and bread

Its new member price benefits will provide lower “member-only” prices on the everyday essential products that are the most shopped by their convenience shoppers.

This will give Co-op Members a chance to save up to 11% on retail prices with Co-op British Milk one pint at 85p, six Co-op free range eggs at £1.40, whilst a Co-op sliced loaf will be 76p.

Customers can also save money on other food items including meat such as fresh chicken and bacon.

This move follows the introduction of “member-only offers” in April, whereby Co-op members can get exclusive lower-priced promotions, an initiative that has seen nearly 40,000 new members sign up every month to take advantage of the deals.

The “member-only” offers will continue, alongside “member-only” pricing, providing even more opportunities for savings and meaning a shopper could save on average £500 a year as a Co-op member.

The £70m investment also includes a retail price reduction on more than 600 lines, ensuring they are in line or cheaper than other national convenience stores.

Matt Hood, Managing Director for Co-op Food, said: “Whilst food inflation is starting to slow, household budgets remain under huge pressure, so this major price investment will make a real and tangible difference for millions of Co-op customers and members.

“This £70m investment is the most significant ever made by a convenience retailer, allowing us to turbo charge our member pricing proposition for the millions of our members who shop with us every day, by tailoring the price cuts to those key lines we know they buy the most.

The Argus: Have you saved money as a Co-op member?Have you saved money as a Co-op member? (Image: Co-op/PA)

“We are focused on delivering member-value in a way that will make the biggest difference to their weekly budgets, and I’m clear there should be no compromise on quality and value by shopping in convenience.

“This is not a loyalty scheme but rather the Co-op difference in action, whereby the people who own our business, our members, benefit every time they shop.”

You can sign up for a membership at the Co-op on the official website where you can find out more information and discover even more perks of the scheme.