The supermarket giant on Monday revealed it will slash prices on almost 400 items sold in store and online from Wednesday. 

This means shelf prices on popular produces will drop by an average of 10 per cent, which could save Aussie families spending $150 on their weekly shop about $15, according to Woolworths.

Woolworths has pledged to keep costs low on the promotional items "at least until 2026", with discounts on hundreds more products expected in the coming weeks and months.

Fridge and pantry staples such as Greek yoghurt, mixed frozen berries, and 2L Coca Cola bottles and Maggi Noodles 12-packs are some of the items included in the Lower Shelf Price incentive. 

Customers will also see discounts on Woolworths branded bacon, chicken schnitzels, tomato sauce, oats, 250g microwave rice packs and large white bread loafs.

Essentials like Babylove Nappies in bulk size packs and Shine Optimum dishwasher 45-piece pods are also discounted. 

Woolworths Group CEO Amanda Bardwell has acknowledged many Aussie families are feeling the pinch financially and want more value out of their shopping hauls.

"Customers consistently tell us they need more value from their shop, and that they expect us to do more to help," Ms Bardwell said in a statement.

"Today marks the start of a real, tangible change customers will see on the shelf prices of hundreds of products when they shop with us, both in-store and online."

Ms Bardwell said the incentive "isn't just a short-term promotion" and rather about providing "genuine, lasting and dependable value" on regularly-bought products.

"We've focused on highly rated family favourites – things like Greek Yoghurt, Frozen Berries, Chicken Schnitzel as well as essentials including flour, bread, rice and nappies," Ms Bardwell said. 

"Individually, each lower shelf price might not seem like a dramatic difference, but they will add up to real savings.

"We are committed to expanding the Lower Shelf Price product list in the coming weeks and months to help provide customers with even more value every time they shop with us."

The move comes after an inquiry into the Australian grocery sector found Coles and Woolworths are some of the most profitable supermarket businesses in the world.

The Australian Competition and Consumer Commission inquiry also determined some supermarkets promotions can also make it tricky for customers to judge whether they are getting a good deal. 

A final report put forward 20 recommendations, which included greater transparency for suppliers, regulations on promotional practices, and improving competition in the supermarket sector.