Sainsburys price investment to top £500m amid ongoing cost of living crisis

Supermarket giant Sainsbury's said on Monday that it was set to invest more than half a billion pounds to help customers with the ongoing cost of living crisis.

With the latest planned investments, Sainsbury's a total of £500.0m of savings had been delivered to customers since the group initiated its plan to "put food back at the heart of the business" in March 2021.

"Our commitment to saving money and reinvesting where it can make the biggest difference to customers means we are now able to commit a total of over £500 million to lower prices and help customers manage inflation. The amount includes investment in prices last financial year plus money that will be committed to supporting customers this financial year to March 2023," said the group.

Sainsbury's stated it was focused on investing in essential items that customers buy every day - including milk, eggs, meat, fish, fruit and vegetables, and other key household essentials.

Chief executive Simon Roberts said: "The cost of living is having a huge impact on our customers' and colleagues' lives and we understand that, right now, every penny counts. We are determined to stand side by side with our customers and we are relentlessly focused on driving savings that can be reinvested into keeping food prices low. Customers can be reassured that when they shop at Sainsbury's they are getting fantastic value and quality, which means they do not need to go anywhere else to get low prices."

"Sainsbury's food first approach is supported by the progress it is making to refocus the role of its brands that deliver – Argos, Habitat, Tu, Nectar, and Sainsbury's Bank – on supporting the core food business, and its ambitious cost-savings plans that enable it to reinvest back in food. Sainsbury's is determined that doing everything it can to keep prices as low as possible will be its top priority for the year ahead."

As of 1230 BST, Sainsbury's shares were up 0.52% at 232.30p.

Reporting by Iain Gilbert at Sharecast.com