Frozen food specialist Iceland has invested £26m in slashing prices on 500 “weekly shop items” and in putting a third of its entire range into its “mix-and-match” multibuy offering.

Iceland store Stoke on Trent

The retailer said it had slashed the price on products such as Nescafé coffee, Anchor spreadable butter, Heinz spaghetti in tomato sauce and own-brand minced beef, stuffed chicken breast joints and cod fillets, as part of its price investment.

The retailer’s mix-and-match range “lets customers buy multiple, essential weekly shop items” at a discount across a number of food categories.

Current mix-and-match offers include three for £3 across “morning goods and bread”, and three for £5 across own-label and branded chilled products.

Executive chair of Iceland Richard Walker said: “Families are struggling more than ever as the cost-of-living crisis worsens. That’s why we’ve invested millions – and will continue to do so – to keep prices low across key weekly shop items. We know we have a responsibility as a business to support our customers in any way we can and offer great value when people need it most.”

The announcement comes after it was first reported in The Times that the retailer was “confident” of delivering its highest profits in a decade this year.

This profit boost was driven by a reduction in energy costs, strong sales growth and various cost-cutting measures – including the closure of its Swift convenience store chain.