We are not rip-off retailers, says Sainsbury’s

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Bosses at Sainsbury’s have said they are “not rip-off retailer” or “profiteers” as they defended the profit made by the retailer amid scrutiny related to food inflation over the past year. It comes two days after the UK’s second largest chain reported a 9.8% jump in sales for the latest quarter and highlighted that food inflation is “starting to fall”. In response, energy and net zero minister Grant Shapps said: “We’ll shine a light on rip-off retailers to drive down prices and make sure they’re held to account by putting into law new powers to increase transparency.” At the retailer’s AGM on Thursday, the supermarket group’s chairman Martin Scicluna defended the industry. If we offered you something for £1, and I said I made 3p on that product, I don’t think you would call us a rip-off merchant or a profiteer, but some MPs have.” The supermarket highlighted that it has cut prices on 120 essentials such as bread, butter, milk and pasta as wholesale costs have eased, with £60 million invested into price reductions since March.