UK’s Sainsbury’s to invest 500 million pounds over two years to soften price rises

LONDON (Reuters) – British supermarket Sainsbury’s said on Monday it was stepping up its efforts to keep a lid on prices and it would spend 500 million pounds ($631.4 million) over the two years to March 2023 to keep down the cost of core goods. Surging prices are causing the biggest squeeze on household incomes since at least the 1950s in Britain, where grocery price inflation hit 7% over the four weeks to May 15, its highest level in 13 years, according to industry data. Last week, finance minister Rishi Sunak announced a latest round of support for households hit by surging energy bills. Su…

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