Sainsbury's CEO said price rises are now stalling, with prices on the retailer's 100 most popular products falling over the latest quarter. While he said food inflation is starting to fall, latest official figures showed the rate of food inflation remained at a stubbornly high 18.3%.
Food inflation is"starting to fall", Sainsbury's has said, as the retailer saw sales boosted by bank holidays and warmer weather.
The UK's second largest supermarket said on Tuesday it expects pre-tax profits of between £640m and £700m for 2023 as grocery sales grew due to lower prices, but fuel sales sharply fell. It said sales returned to growth last year despite cost of living pressures on households, in a trading update for the first quarter of its 2023-2024 financial year - the 16 weeks up to 24 June.
Grocery sales increased 11% in the period as the retailer said price reductions led customers to buy more.More than £60m was spent on price cuts across 120 essential items, Sainsbury's chief executive Simon Roberts said.More on Sainsburys
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