From 1h ago
07.23 BST
Sainsbury's: Food inflation is starting to fall
Good
morning, and welcome to our rolling coverage of business, the financial markets
and the world economy.
After
months of soaring prices, food inflation is starting to fall.
That’s the
word from supermarket chain J Sainsbury this morning, which will bring some
relief to households, the Bank of England and Rishi Sunak alike.
In its
latest financial results, just released, Sainsbury’s reports that its
like-for-like sales (excluding fuel) jumped by 9.8% in the 16 weeks to 24 June.
Sales at
its grocery arm were “strong”, up 11%, Sainsbury’s reports.
Price rises
by supermarket chains have driven UK food inflation sharply high this year:
And
although global food commodities have been dropping in recent months, having
surged after the Ukraine invasion, supermarkets and food producers have been
criticised for being too slow to pass them on.
But Simon
Roberts, the chief executive of J Sainsbury, says the worst of the food price
squeeze is over.
Roberts
explains:
“We are
putting all of our energy and focus into battling inflation so that customers
get the very best prices when they shop with us, particularly now as household
budgets are under more pressure than ever.
Food
inflation is starting to fall and we are fully committed to passing on savings
to our customers. Since March, we have invested over £60m in lowering prices,
leading on price cuts across more than 120 essentials like bread, butter, milk,
pasta, chicken and toilet roll.
Roberts
adds that the prices on Sainsbury’s top 100 selling products are now lower than
they were in March, “against a market where prices have gone up”.
He adds:
Customers
have also saved over £90m since we launched Nectar Prices in April. In
addition, we’re offering great value through Stamford Street, our entry-price
range and through our biggest ever Aldi Price Match campaign. All of this is
underpinned by the continued delivery of our cost-saving programmes.
Sainsbury’s
also reports that its general merchandise sales have risen by 4%, but clothing
sales were down 3.7%
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