UK supermarket retailer Asda has announced a GBP150m (US$307m) programme of price cuts for the run-up to the peak Christmas selling period.

The programme will include some 2,500 discounted prices across the company's entire range.

According to analysts CEBR, consumer spending in the UK on Christmas this year will rise by GBP383m to GBP11.8bn, with the typical UK family spending some GBP448 on Christmas food, drink, toys, and gifts.

"We're lowering the cost of Christmas for millions of customers all over the UK, saving everyone money when they need it the most," said Asda CEO Andy Bond. "Our research shows that the family budget is being stretched to the limit. That's why we've invested GBP150m in our biggest ever set of festive price cuts."

Asda said under its discount programme, a Christmas pudding will cost just GBP0.98, while the price of a dozen mince pies will fall to just GBP1.

Bond added: "We want our customers to be able to get everything they need without breaking the bank. By cutting prices earlier than previous years, we are helping them save more money by spreading the cost of Christmas."