The MarketPlace has slashed the prices on 30 of its staple grocery products by at least 10 percent, all of which will be frozen until the end of September.

The supermarket chain, which has eight stores on the Island, has cut prices on items such as eggs, sugar, flour, potatoes, bread, rice, chicken, tuna, corn oil, tea bags, toilet rolls and bleach in a bid to offset the rising cost of living for its customers.

The move could spark a price war between Bermuda's supermarkets as MarketPlace's competitors look to ways to make things more affordable for their consumers.

Last month The Royal Gazette revealed that grocers were having to increase their prices as a result of rising fuel and food costs world-wide, with a survey of prices for a sample of products from three of the Island's supermarket chains, MarketPlace, Supermart and Lindo's, shedding light on the difference in pricing between the various stores.

The MarketPlace has also published a list of tips in today's paper on how to save money on groceries, including buying in bulk, making a list and sticking to it, and checking the weekly specials.

In a statement the MarketPlace said that recent activities on the world stage have had substantial impacts on the cost of living around the world, most notably in Bermuda.

Food, electricity and fuel prices both on the Island and abroad are rising almost on a daily basis, the statement read, with these increasing costs affecting virtually every individual and business across the board.

"The MarketPlace believes it can help," it read. "To assist all our customers during this time, we have put together a list of 30, staple grocery items, items that many consume every day. The prices on these items will be cut by at least 10 percent and these prices on these items will be frozen at this level until at least September 30.

"During this time, we will of course continue with our large regular selection of weekly specials which will contribute to keeping the cost of the weekly food basket as low as possible."