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Morrisons slashes prices by about 20% amid strong competition

British supermarket chain Wm Morrison Supermarkets PLC is cutting prices by an average of 20% on more than 900 products amid growing competition with grocers, including Aldi Einkauf GmbH & Co. oHG and Lidl Stiftung & Co. KG, Reuters reported, citing a company statement.

The price reduction covers 935 products, including canned tomatoes, cereals, ready meals and multivitamins.

Morrisons' decision mirrors similar moves by rivals Tesco PLC, J Sainsbury PLC and Asda Stores Ltd., the report said.

The price cuts will be held for a minimum of 12 weeks, Reuters added.