The supermarket claims shoppers can now save £500 a year on average by being a Co-op Member.

From today ‘member only’ pricing will be extended across nearly 200 fixed lines including milk, eggs and bread. Co-op says it has invested £70m in the scheme.

Becoming a Co-op Member costs £1. As well as access to member prices, members received exclusive offers, discounts and events. For every £1 spent, you’ll earn 2p for yourself and 2p for your local community. ​The scheme already has about 4.58 million members.

Co-op says the extension of the scheme gives Co-op members the chance to save up to 11% on retail prices with a pint of Co-op British Milk at 85p, six Co-op free range eggs at £1.40, and a Co-op sliced loaf at 76p.

Co-op insight revealed that, rather than loyalty pricing on an array of products which change every few weeks, shoppers think there is more benefit from lower prices on the items they buy the most, so it makes the biggest difference to their regular food spend.

Co-op: ‘A real and tangible difference’

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 our they buy the most.

“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.”

The move follows the introduction of ‘member only offers’ in April, whereby Co-op members can get exclusive lower priced promotions. The member-only offers will continue, alongside member only pricing.