UK supermarket Sainsbury's has announced its investment of £15 million ($19.1 million) in slashing prices on essential products. The move aims to maintain competitiveness and cater to
price-conscious shoppers amidst the current cost-of-living crisis in the country.
Despite Prime Minister Rishi Sunak's commitment to halve inflation this year, persistent high food inflation remains a challenge, with industry data showing a rate of 17% in May.
In response to the situation, major British supermarkets have been focusing on price reductions to assist consumers and are prepared to pass on savings as input costs begin to decrease.
Following the lead of Morrisons, Asda, and Marks & Spencer, Sainsbury's has lowered the prices of various items, including chicken breasts, pasta, rice, honey, and jam. The supermarket chain aims to reassure customers that it will continue to prioritize passing on savings as soon as wholesale food prices begin to decline.
Rhian Bartlett, Sainsbury's food commercial director, emphasized the significance of these latest price cuts in assuring customers of the company's commitment to prioritizing their interests. Photo by Andy Parrett, Wikimedia commons.