The in-store price cut of milk will be effective immediately and will apply to Lidl’s range of 12 milk products.

Lidl will mark its 25th year of operating in Ireland this year.

Starting today, the prices of a 0.5-litre whole milk 3.5pc dropped from €0.75 to €0.72, with the 1-litre bottle cut from €1.25 to €1.19, a 2-litre from €2.45 to €2.35, and a 3-litre from €3.55 to €3.39.

The cost of a 1-litre bottle of light milk dropped 1pc from €1.25 to €1.19, €2.45 to €2.35 for a 2-litre, and €3.55 to €3.39 for a 3-litre.

Meanwhile, the price for a 1.75-litre xtra milk was cut 3.5pc from €2.29 to €2.25, while Irish low-fat xtra milk dropped 1.5pc from €1.35 to €1.29 for a 1-litre bottle.

A 1-litre fresh skimmed milk with vitamins will now cost €1.19, cut from €1.25; a 1-litre fresh Irish protein milk will be €1.55, down from €1.59; and a 1-litre lactose-free light milk will cost €1.55, cut from €1.59.

The move is part of a series of price reductions coming into effect on everyday essential items announced by Lidl.

CEO of Lidl Ireland and Northern Ireland, Robert Ryan, said that the retailer’s customers will see further price cuts in the coming months.

“We understand that rising inflation and the cost-of-living crisis has posed significant challenges for our shoppers as well as our suppliers in recent years,” he said.

“This price drop represents a significant investment, but we are determined to support our loyal shoppers and reduce prices on the products that matter the most to demonstrate our commitment to always being the best value retailer in the country.”

Meanwhile, consumers have been warned that they are facing a severe price squeeze this winter.

Food prices were the main reason for the jump in prices, with the cost of a kilogram of steak up €5 in the past year.

The surge in food costs has sent the overall inflation rate for September to 2.7pc, an 18-month high, according to the latest Central Statistics Office figures.

One of the main reasons for this was a 4.7pc increase in food prices in the year to September, which reflects rocketing price rises for meat and milk.

It comes as the national average price of full-fat milk per two litres was up 27c in the year.