Asda chief executive Andy Bond is confident that food price inflation has peaked, as the grocer launches over 5,000 price cuts across its ranges.

Bond said: “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.”

He added: “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.”

From tomorrow, Asda is cutting the price of every food product in its Smart Price range. Products include bread, potatoes, crisps, oranges and baked beans.

Bond said: “By lowering the price entry point to fresh food, value-conscious shoppers could slash their weekly shopping bill by more than 50 per cent. While 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 brands and own-label food and grocery items that households have to buy week in, week out – in all over 5,000 products.”