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A bottle of red wine costing under a fiver has been crowned the best in the world at a prestigious awards ceremony.

Asda's La Moneda Reserva Malbec from Chile, costing just £4.37, was awarded Platinum Best in Show at the industry's coveted Decanter World Wine Awards.

The Malbec beat stiff competition from thousands of wines and was hailed 'an absolute crowd pleaser' by a panel of 240 international experts.

After a week of rigorous blind taste tests of 16,000 wines, judges said the budget bottle of wine was the toast of the town for quality and value for money.

Describing the wine as tasting of “freshly crushed black fruit, creamy vanilla yoghurt and pepper spice” they praised its “succulent juicy berries on the palate”.

It was said to have “an excellent freshness” with a zing that was “full of energy with a great price point”.

You can order the wine from Asda's website here.

Find your local Asda:

Walton - Utting Avenue, Liverpool, L4 9XU

Huyton - Huyton Lane, Liverpool, L36 7TX

Stoneycroft - Regent House, Green Lane, Stoneycroft, L13 6RH

St Helen - Kirkland Street, St Helens, WA10 2EF

Penny Lane - Penny Lane Centre, Church Road, Wavertree, L15 9EB

Smithdown Road - 126 Smithdown Road, Liverpool, L15 3JR

Hunts Cross - Hunts Cross Shopping Centre, Liverpool, L24 9WA

Breck Road - Breck Road, Liverpool, L6 5DR

Garston - St. Mary's Road, Garston, L19 1SJ

Widnes - Widnes Road, Widnes, WA8 6AH

Bootle - Orrell Lane, Bootle, L20 6HX

Aintree - Ormskirk Road, Liverpool, L10 3LN

Bootle - 81 Strand Road, Bootle, L20 4BB

Birkenhead - 222 Grange Road, Birkenhead, CH41 6EB

Liscard - Sea View Road, Wallasey, CH45 4NZ

Birkhenhead - Unit 1 Stanley Road, Birkenhead, CH41 7BG

Arrow Park - Woodchurch Road, Birkenhead, CH49 5PD

Southport - Central 12 Shopping Park, Derby Road, Southport, PR9 0TY

Skelmersdale - Ingram Road, Skelmersdale, WN8 6LU