(Bloomberg) -- Waitrose said it would cut prices by a record amount from today as the upmarket grocer tries to win back customers who have chosen cheaper rivals including discounters Aldi and Lidl.

Lower prices will be found on more than 300 own-brand products such as carrots, peas, tea and sausages with nearly a quarter of prices being cut by 20% or more. Waitrose said the move would cost it £100 million ($122 million), more than three times the amount it last dedicated to reducing prices in October 2020.

Waitrose has been slow off the mark to bring prices down as even more affluent shoppers battle the higher cost of living and start to frequent cheaper rivals. The premium supermarket chain, owned by John Lewis Partnership Plc, has seen sales fall year-on-year in recent months, compared with growth of more than 20% at Aldi and Lidl.

Read more: The Unstoppable Rise of Aldi in Britain Shows No Sign of Slowing

Food inflation is stubbornly rising in the UK even as broader measures start to ease. The rate hit 16.7% last month with the latest increase adding an extra £788 to shoppers’ annual spend on groceries, according to Kantar. 

Rival supermarkets Tesco Plc and J Sainsbury Plc both match some prices to Aldi and even Morrisons, which has suffered falling sales, has taken steps to keep prices affordable.

The cost of living crisis has been a favorable environment for the discounters and for budget chains like Asda and Iceland. By comparison, Waitrose’ market share has dipped to 4.7% from 5.1% a year ago.

Shoppers are buying more own-label brands and opting for frozen goods to save money. They’re also increasingly using Buy Now Pay Later options for grocery shopping, with more than 10,000 customers using Iceland’s micro loans in December which allows them to pay for food in installments.

Last year, Waitrose responded to claims that the rollout of a new tech system was impacting product availability while a fire at a depot in Milton Keynes also led to lower levels of stock.  

“Our availability rate is very strong and has improved on last year,” said a spokesperson for Waitrose. “It’s one of the highest across the industry, as we continue to focus on offering the best possible customer experience.”

©2023 Bloomberg L.P.