KUANTAN (THE STAR/ASIA NEWS NETWORK) - Malaysia supermarkets will be slashing prices up to 70 per cent for more than 82,000 products as part of a new national price reduction campaign.

Major players including Tesco, Giant, Aeon and The Store have voluntarily joined the initiative launched on Sunday, offering discounts on clothes, food and other daily necessities.

"The Government is always sensitive about the rising costs of living. That is why we have taken the initiative to launch this campaign with the co-operation of supermarkets and hypermarkets nationwide," said Domestic Trade, Co-operatives and Consumerism Minister Datuk Seri Hasan Malek at the launch.

"We can do this after engaging with manufacturers, wholesalers, suppliers, traders, associations and NGOs."

The duration of the campaign would depend on the supermarkets' stock and ability to supply the goods, said Hasan. He added that the ministry would monitor the situation to ensure product quality is maintained.

"We practise an open economy. So, the job of tackling the rising costs of living is not easy. However, the Government believes that the situation can still be controlled with everyone's co-operation, so that the effect on the public can be minimised," he said.

About 20 supermarkets have joined the initiative so far, and the government hopes more will step forward.

"There is no subsidy or incentive from the Federal Government to take part and it is up to the supermarket owners themselves.... We hope that more will come forward and participate," said Terengganu State Speaker Datuk Mohd Zubir Embong at the launch of the campaign at Emporium Hock Kee Seng on Sunday.

A check at the emporium found about 50 items marked with reduced prices, with discounts ranging between RM1 (S$0.40) and RM5.

Other companies offering discounts include Mydin, Milimewa Supermarket & Departmental Store, TF Value Mart, UO Superstore and Econsave Cash & Carry.