Sainsbury’s boss Simon Roberts has joined the leading voices warning that the cost of living crisis will get worse.
‘The effects of this are going to last longer than I am sure most people expected months ago,” he said.
‘The price of food, fuel, fertiliser and labour have all gone up. We are seeing substantial cost impacts and they are not going to go away tomorrow. “
‘Households up and down the country are facing real challenges. It is challenging for customers and challenging for households trying to manage their budgets.’
His warning came as Sainsbury’s announced price cuts as part of the grocer’s £500m plan to slash the cost of essential items including milk, eggs, meat, fish, fruit and vegetables.
Roberts said: “Customers are watching everything they are spending.
“We have to work hard to make sure we hold back as much of the impact from customers as possible.”
However, he added that factors including the rising costs of staff, fuel, fertiliser and production “take time to work through”.