In the week research showed that food prices at Asda, Tesco and Sainsbury's increased overall by 5.9% over the last year, the sector's major players launched a round of price cuts.

Tesco and Asda announced the move in an attempt to outflank their rivals and attract customers who have been looking to cut costs by switching to cheaper supermarkets.

Over the year price rises pushed food bills for the average family up by £1,040, with a basket of 24 common items such as tea bags and pasta sauce costing 20% more, according to the MySupermarket Food Inflation Index.

Meat, dairy and wheat-based products are all up, while garden peas and basmati rice jumped by 90% and 111% respectively.

Six pints of semi-skimmed milk are now cost 26.1% more, up from £1.68 to £2.12, while a thick white loaf is up 33%, from 54p to 72p.

A dozen medium free range eggs are up 20%, from £2.15 to £2.58, while packet of fusilli pasta is up 75.5%, from 45p to 79p.