Sainsbury’s boss denies profiting from high prices
In recent days, several supermarkets have announced lower prices for some basics that are common to most shopping baskets: bread, milk and butter.Mr Roberts said pay rises for Sainsbury's staff of more than 10% last year had contributed to rising prices, but were "locked in", while he hoped the cost of other inputs such as energy and food commodities would continue to fall.
While the headline rate of food inflation was around 19%, that didn't mean households were spending 19% more on their food, Mr Roberts added, since most shoppers had decided to buy less, trade down to less expensive choices, or shop more frequently to avoid waste.Sainsbury's has relaunched its own-label range under a new brand name, Stamford Street, to help shoppers find the cheaper options quickly, he said.
There are structural reasons why prices may not fall rapidly even when energy and wholesale and commodity prices fall, the industry has pointed out.
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