Asda has launched a £40m round of price cuts to mark the fifth anniversary of its Rollback campaign.

The cuts take Asda’s total investment in price-cutting since the beginning of the year to £110m.

The news broke as Asda’s EDLP rival Morrisons prepares to complete its £3bn takeover of supermarket chain Safeway on Monday.

Rollback was introduced in March 1999 and by the end of 2004, Asda said it would have reduced the weekly shopping bill by almost £1bn.

The new round of price cuts will cover all categories and includes leading brands such as Stella Artois, Walkers, Heinz and Hardy’s. Asda had recently lowered prices on its Smart Price and Good For You own label brands.

“Lowering the cost of living is at the heart of our business and so far Rollback has delivered almost £1bn worth of price cuts,” said president and CEO Tony DeNunzio.