As grocery prices continue to strain household budgets, several major grocery chains are rolling out price cuts in an effort to attract shoppers and compete with warehouse retailers like Costco and Sam's Club.

Executives at Walmart, Kroger and H-E-B say they are lowering prices on thousands of products as competition intensifies in the grocery industry.

Walmart says it has already reduced prices on more than 7,000 items, representing a more than 20% improvement in pricing compared to last year.