Introduction: Sainsbury’s CEO warns cost of living squeeze will intensify
Good morning, and welcome to our rolling coverage of business, the world economy, the financial markets, and the cost of living crisis.
The squeeze facing UK households will only intensify in the coming months, as inflation hits incomes.
That’s the warning from Sainsbury’s boss Simon Roberts this morning, as the supermarket chain reports a drop in underlying sales for the last quarter.
Roberts, chief executive of the supermarket group, says “We really understand how hard it is for millions of households right now”, with inflation hitting a 40-year high of 9.1% in May.
Customers are “watching every penny and every pound”, Roberts says, and he fears the pressures on budgets will get worse, as Sainsbury’s “invests £500 million” to keep prices down.
Roberts says:
The pressure on household budgets will only intensify over the remainder of the year and I am very clear that doing the right thing for our customers and colleagues will remain at the very top of our agenda.
Sainsbury’s underlying sales…
