Asda has boldly claimed that “the supermarket price wars are over”, thanks to the introduction of its new Asda Price Guarantee.

Shoppers can now check online after each visit to an Asda store to compare how much their basket would have cost them at another supermarket - with the retailer promising to refund the difference, plus a penny, should the shopping calculator prove Asda was not the cheapest.

If it does turn out that this move puts an end to retail price wars, I will gladly eat my hat. But it seems to me that this is only going to create yet more rivalry among the UK’s retailers, as the others respond in kind and continue to seek the upper hand.

Rather than ending the war, it appears Asda might have just fired the latest salvo in a dispute that has been going on for years - and will no doubt continue for many more.

Let’s hope that suppliers do not end up feeling the squeeze of further price cuts. Both Irish Farmers’ Association leader John Bryan and English Apples & Pears chief executive Adrian Barlow have been banging the drum this week for improved grower returns. You might have heard it all before, but until a better supermarket-supplier balance is found, it certainly won’t be the last time.

It will be interesting to monitor the response to Asda’s price pledge. The next few weeks could well reveal if we are genuinely going to see an end to retail price wars - or if this is all simply one glorified PR stunt. Don’t get ready for any hat-eating feats just yet...