Asda milk now at "2001 prices"

The supermarket stated that the drink has seen some of the largest price rises as a result of the credit crunch and the cut will be a positive one for consumers, as this is the lowest price since 2001.

Moreover, Asda said that four pints will cost £1 as part of the promotion, down from £1.44, while six pints can be purchased for £1.50, a change from £2.12.

Trading director at Asda Darren Blackhurst commented that it is "important" families get access to cheaper deals when bills are growing.

"Customers are telling us this is the time of the month they're really starting to feel the pinch and that's why we're investing in price cuts where they really count, on everyday essentials like milk, bread & butter, meat & veg," he said.

In addition to the milk price changes, Asda announced that it is lowering the cost of bread, vegetables, butter, meat and eggs.

Almost ten million pints of own-brand milk as sold on a typical weekend, Asda claimed, meaning that £1 million will be saved by shoppers.

Tesco has revealed this week that it will reduce the prices of 18,000 different products in an attempt to beat the credit crunch.