The supermarket chain said it is cutting the cost of hundreds of everyday items to save customers money on their weekly shop.
It added that hundreds more price cuts are planned to take place in its stores in "the coming weeks".
It said the reductions will average 15% and will focus on a range of its most popular items, including fresh produce, frozen food and household items.
Morrisons said customers will see cuts such as a 35% drop in the price of 12 Auntie Bessie's Yorkshire puddings to £1 and a 33% fall in the price of a kilo of British carrots to 50p.
The announcement comes days after rival Tesco pledged to cut prices on hundreds of products to bring it more in line with rival Aldi.
The UK's four biggest supermarkets - Tesco, Sainsbury's, Asda and Morrisons - have sought to keep prices low amid pressure from German discount rivals Aldi and Lidl, which continue to grow their UK market share.
Morrisons commercial director Andy Atkinson said: "We're cutting the price of hundreds of our customers' favourite items and are holding them low.
"These price cuts will help customers manage their budgets and make Morrisons even more competitive".
On Tuesday, the supermarket also announced that it is cutting the cost of petrol and diesel by 2p per litre.