Stores price war amid credit crunch

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Both Asda and Tesco have taken out a series of adverts in the national press promising lower prices in a bid to outflank their rivals.

The price war began with Asda unveiling a range of goods including sausages and bananas for sale over the weekend at 50p in a bid to beat the economic downturn.

A spokesman for the supermarket said its budget brands were increasing in popularity.

He said: "Times are getting tough and people are feeling the pinch so we have reduced the price of these ten staple items over the weekend. It is going back to the basics like bread, eggs and butter and fruit and veg as well."

The price cuts are in effect until Sunday.

Tesco also declared a series of "inflation busting prices" with price cuts of up to 50% on around 5,000 items.

A spokeswoman for Tesco, which has more than 1,000 stores across the UK, said they would announce another 3,000 price cuts next week.

She said: "We know times are tough and customers are tightening their belts so we will be keeping an eye on prices all year."

The move follows the rising popularity of discount stores like Aldi and Lidl. German-owned Aldi has experienced a 20% rise in sales over the past month.