Asda has announced it is to cut prices from today for the next quarter of the year to mark seven years of winning the Grocer 33.

The supermarket retailer plans to cut prices on a wide range of products, which will then allow at least £53m to be invested in the third quarter in 2004.

The Grocer 33, the weekly supermarket basket price comparison in The Grocer magazine, has recorded that an average Asda basket of weekly staples is 13.9% cheaper in 2004 compared to 1997.

Asda’s chief executive Tony DeNunzio said: “Giving great service and offering Britain’s best value weekly shop is what drives every one of us here at Asda. Our 130,000 colleagues work day in, day out to keep our prices down – so much so that many products now cost less than they did seven years ago.”