Asda has today announced over 5,000 price cuts and said that food price inflation has peaked.

From tomorrow Asda will cut the price of every Smart Price product and is claiming shoppers could cut their shopping bill by 50% by switching. It is also lowering the prices of some branded goods and own-label products.

The Office of National Statistics today released figures showing inflation has risen to 4.7% and food inflation has hit 13%.

“Despite today’s record inflation figures I’m confident that food price inflation has peaked and that we are beginning to see the cost of goods stabilise,” said Asda chief executive Andy Bond. “When I talk to customers they tell me that they’re really worried about how to make ends meet and they look to supermarkets to help them. That’s why I’m determined that as and when cost prices fall it will be Asda which leads the charge and drives down prices for shoppers not just in the short-term but permanently.

“For the first time ever, from tomorrow, we are cutting the price of every single Smart Price food product. By lowering the price entry point to fresh food, value-conscious shoppers could slash their weekly shopping bill by more than 50%. Whilst this is our budget food range, customers can be absolutely assured of its quality with every single product in the range being free from artificial flavours and colourings. We will also be cutting the price of well-known brand and own-label food and grocery items that households have to buy week in, week out – in all over 5,000 products.”