Consumer New Zealand has conducted its latest annual supermarket survey, showing that PAK'nSAVE has the lowest prices overall.

The budget brand supermarket had the cheapest standard products in all seven centres surveyed.

Savings at PAK'nSAVE for a basket of 40 grocery items averaged about $14.

Countdown supermarket beat New World for cheaper prices in the four North Island locations.

But New World was cheaper in Christchurch and Dunedin.

The survey found PAK'nSAVE had the best budget brand offers, but lacked top shelf product range.

New World had the cheapest prices for such luxury items, including espresso coffee, organic milk and premium yoghurt.