The Grocer magazine analysed the prices of 33 festive items - including turkey, Christmas pudding, mince pies and Champagne - across the five major stores, with Asda coming in at number one at £119.96 for the total shop. Asda president and chief executive Andy Clarke said: "We are delighted the 2014 Grocer 33 Christmas basket confirms what our customers already know - at Asda, the premium is in our products not our prices.
"Despite tempting gimmicks, at a time when budgets are stretched, they can be assured their big Christmas shop will cost less at Asda."
Tesco scooped second place at £129.40; Morrisons was third at £135.71; Sainbury's came in at four place with a festive basket costing £139.05.
In fifth place, and the most expensive, was Waitrose at £149.54, which is £29.58 dearer when compared to festive shopping at Asda.
The annual mystery shop was carried out by The Grocer which compared prices of 33 must-have items for Christmas.
It found that Tesco has the cheapest bacon (£2,22); Asda is best for brandy butter (£1.50); Champagne is best-priced in Morrisons (£16.99); and Christmas pudding costs £1.89 in Asda - compared to the most expensive £3.75 at Waitrose.
Quality Street chocolates are £2 in Asda and Tesco; £2.06 in Waitrose and £3 in Morrisons and Sainsbury's.
And, when it comes to the all-important turkey, Sainsbury's is the cheapest at £10.16, followed by Asda (£10.40); Tesco and Morrisons (£12.00) and Waitrose (£15.00).
This year's prices were compared with 2013's to find out what shoppers will pay as falling commodity prices and deflation take their toll.
It found that the baskets at the top five supermarkets were all cheaper this year, with price cuts deepest at Sainsbury's.
However, Asda offered the cheapest prices on two thirds of the products on the list.
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