Life tough for millions of households, says Sainsbury's boss

Shoppers are "watching each penny and each pound", the brag of Sainsbury's has warned, arsenic the supermarket revealed its profits had been deed by the rising outgo of living.

Simon Roberts said the grocer got "how pugnacious it is for millions of households" and was trying to support prices low.

Food prices are rising astatine their fastest complaint successful 42 years arsenic the cost-of-living situation squeezes household budgets.

People are besides struggling with higher vigor bills and rising involvement rates.

Sainsbury's said income crossed the concern had climbed 4.4% to £16.4bn successful the six months ending successful September.

But the UK's 2nd largest supermarket besides revealed a dip successful profits arsenic the concern absorbed immoderate of the interaction of rising nutrient costs and enactment up wages.

Mr Roberts said: "We volition person invested much than £500m by March 2023 successful keeping prices little by cutting our costs... meaning we person much firepower to conflict inflation."

The grocer's profits besides bespeak a instrumentality to mean buying habits since the pandemic lockdowns ended.

Experts accidental the emergence successful the outgo of groceries has been accelerated by the warfare successful Ukraine, which has disrupted grain, lipid and fertiliser supplies from the region.

Food and portion prices person besides been affected by the caller weakness successful the pound, which has made imported products and ingredients much expensive.

Earlier this month, a BBC survey uncovered increasing interest astir the compression connected finances. Some 85% of those asked are present disquieted astir the rising outgo of living, up from 69% successful a akin canvass successful January.