Sainsbury profits to slump as it accuses rivals of ramping up prices

Sainsbury’s is pulling Russian vodka and sunflower seeds from its shelves (Danny Lawson/PA) (Picture: PA Wire)

SAINSBURY’S today accused rivals of ramping up food prices, exacerbating the cost-of-living crisis as inflation bites hard on family finances.

The grocer recorded profit for the year of £730 million, but said that could fall by up to £100 million next year as it keeps the cost of essentials such as bread, milk and potatoes as low as it can to aid struggling customers.