ASDA is today slashing the cost of 5,000 everyday food and drink products, including bread, potatoes, tea bags and peas. Tescos meanwhile has announced it would be introducing 350 no-frills products to provide a cheap alternative to best selling named brands. Andy Bond, chief executive at Asda, said he believed food price inflation had peaked after bumper harvests around the World and that shoppers were likely to reap the benefits from a Winter-long price war. He told The Times newspaper “We are moving into a period of more prolonged price aggression. Food prices are beginning to stabilise, the cost prices coming into us are reducing and we can now pass these savings on to the consumer. With oil prices also falling sharply, the U.K. inflationary outlook is indeed looking a lot brighter.