Asda and Tesco have launched a price war, with both chains announcing price cuts.

Asda has launched a £250m price cutting campaign, lowering 10,000 prices across food, clothing and general merchandise, to celebrate its tenth consecutive win as the UK's cheapest supermarket, awarded by The Grocer.

Meanwhile, Tesco announced a £270m price-cutting campaign, in what it said was its “biggest ever price blitz”.