Tesco is pumping £60m into a new round of price cuts it claims will make it the cheapest grocer on the market. Marketing director Tim Mason said: "For the last four quarters our commitment to lowering prices has resulted in deflation at Tesco at a time when other retailers have reported inflation. "No-one will be cheaper than Tesco." Featuring the strapline, Same great quality, new low price, the campaign will introduce long term price cuts on 500 predominantly own label lines, beginning July 1. The price of products as diverse as Tesco Black Forest gateaux and sun lotion will be slashed by up to 40%. Mason described the cuts as part of an ongoing commitment to price rather than the start of a new price war as market conditions became tougher: "This continues five years of investment that has seen prices fall by more than £1.2bn." He added: "Much of our growth in recent years has been driven by our long term strategy to lower prices. "It's served us well in a market where customers are very price savvy, and helped us keep prices below food RPI since 1996." The latest trading figures at Tesco, which were published two weeks ago, revealed a slight slowdown in like for like sales growth to 4.5% for the three months to May 18 against the previous quarter's 4.9%. {{NEWS }}