Sainsbury’s has plans to deliver £500 million (€586 million) savings to customers as the cost of living crisis means many are struggling to afford essentials for their households.
The British retailer said that its ambition is to accelerate its cost savings programs to continue to offer low prices to customers and deliver strong shareholder returns.
Sainsbury's said, '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'.
Sainsbury’s said that it plans to focus on investing on the 'essential items that customers buy day in, day out', including milk, eggs, meat, fish, fruit and vegetables and key household essentials.
Existing campaigns including Price Lock, Sainsbury’s Quality and Aldi Price Match will be among the key areas of investment.
Commenting on the retailer's plans, Simon Roberts, chief executive officer at Sainsbury’s 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.”