Supermarket chain Coles has reignited the price war debate, launching a new round of price cuts labelled ‘Deeper Down Down’.

The new ‘Deeper Down Down’ campaign will see price reductions on household staples, such as instant coffee and Weet-Bix, by up to 34 per cent of its original price.

Launched from today, the supermarket giant has also introduced more than 50 new items to Down Down, adding to more than 1400 products already reduced.

John Durkan, Coles chief operating officer, said Coles’ commitment to lower prices for Australian families was now stronger than ever.

“Down Down is a commitment that our customers trust, but we are constantly looking for new ways to invest even more into keeping the cost of living down.”

“Together with some of Australia’s favourite brands, we are offering our customers Deeper Down Down prices. This means pantry staples that are already on Down Down will have their price reduced even further – with discounts up to 34 per cent on brands including Nescafe, Lipton, and Sanitarium,” Durkan said.

“Down Down is a price commitment for six months, yet the new campaign highlights that this is simply a minimum requirement and in reality, many products have been held at the lower price point for over two years. Now rather than the price heading back up again, Coles takes them even Deeper Down – because we know low prices make a big difference to our customers.”

The announcement comes a day after the Australian Competition and Consumer Commission (ACCC) launched legal action against Coles and Woolworths for allegedly breaching  an agreement to cap fuel discounts.

Coles defended its fuel discounts yesterday, stating it welcomed the chance to clarify differing interpretations of the agreement with the ACCC.