Iceland, our first guest retailer in the newly revamped Grocer 33, has come out cheapest on price.

With a basket costing £42.79, the discounter beat Asda by £1.54. The key to its victory was the fact it had 12 exclusively cheapest products, whereas its rivals only managed six between them.

Iceland was cheaper than rivals not only on the four frozen products, but on a number of non-frozen items including the four-pack of Carlsberg, 79p cheaper than rivals, and six free-range eggs for £1.

In addition, Iceland benefited from having five price-only promotions, whereas nearest rival Asda had none.

Asda is still searching for its first win of the new Grocer 33 year. After 42 victories from a possible 50 last year, it has finished second in all four weeks of the new year.

Morrisons was third, trailing Asda by £3.78, despite having six price-only promotions, more than any other supermarket.

Tesco managed two more cheapest products than Sainsbury’s despite having two fewer price-only promotions. Both issued money-back coupons, with the Tesco one higher due to its inclusion of own-label products in its scheme.

Waitrose was last with a basket costing £11.90 more than Iceland. It was more than £1 pricier than rivals on chicken tikka slices, chicken drumsticks and the honeydew melon.