Tesco Ireland and Aldi have announced they will cut the price of their own brand bread from tomorrow.
Tesco said its 800g white sliced pan will drop from 99c to 89c and corresponding reductions will apply to other own brand sliced pans.
Under Aldi's price reduction plan, its white, brown and "Mega-Toast" bread sliced pan loaves will also decrease by 10c to 89c, 99c and €1.09 respectively.
Its white/wholemeal half pan will be reduced by 4c from 89c to 85c.
It comes as leaders from all the main supermarkets were invited to the Retail Forum over concerns to high food prices.
The meeting of the forum, chaired by Minister of State at the Department of Enterprise Neale Richmond, was brought forward from 21 June.
Mr Richmond described the meeting of the forum as a frank discussion.
The forum lasted 90 minutes.
Mr Richmond said: "What I did get from retailers is that where input costs have gone down, they will pass this on to the consumer."
He also expressed his optimism that progress will be made before the next meeting of the forum.
"I have asked them to show demonstrable evidence they have made every effort to reduce the cost at the till for the consumer," he said.
"That's what we are expecting on 21 June," he added.
However, Duncan Graham of Retail Excellence said the environment is very difficult at the moment and retailers faced significant input costs over the last year or so.
Mr Graham said: "Most retailers didn't pass on the price increases they were getting from suppliers in the early stages of all this."
"So, there is a lag here, but retailers are committed to do what we can do to ensure there is an improvement for consumers," he said.
"It's not going to be easy and it’s not going to happen overnight," he added.
Arnold Dillon of Retail Ireland said the industry assured the Minister it is doing all it can to ensure the impact on the consumer is minimised.
"Over the course of the last two years the EU inflation rate was 27%, however, in Ireland it's 17% so Irish retailers are outperforming their counterpart in Europe in trying to insulate consumers here," Mr Dillon said.
"We told the Minister that retailers are committed to ensuring that where commodity prices fall through the supply chain that the consumer will benefit from that," he said.
'Price reduction targets' needed
Sinn Féin Spokesperson on Enterprise, Trade & Employment, Louise O'Reilly has said any grocery price reductions should not come at the expense of "small family farmers and producers".
Ms O’Reilly said that big retailers in the Irish market are in a position where they are able to absorb some of the increased costs that are being seen across the sector.
She added that the failure of the Retail Forum to set price reduction targets for retailers is "very regrettable".
"We need to go further than what sounds like was a cosy chat this afternoon, [with] no commitments given," Ms O’Reilly told RTÉ’s Drivetime programme.
"We need transparency from the retail sector in relation to their profits and I believe we needed to set targets on what the price reductions would be," she said.
Last week, a number of supermarkets announced a price reduction for some butter products.
Tesco cut the cost of its own brand butter by 40c per 454g pack (one pound), pricing it at €2.99 - down from €3.39.
Aldi and Lidl both announced that they cut the cost of their own brand butter, dropping the retail prices of both their one pound of butter by 40c.
Other butter products were reduced in price accordingly.
The retail price of SuperValu's 454g own brand butter was also reduced by 40c.
