Can Sainsbury’s persuade shoppers it is keeping prices down while keeping the City sweet?

Surveys suggest that the chain is competitive on price but it still has work to do to persuade cost-conscious consumers, says James Moore

Sainsbury’s interim results showed a fall in profits. The grocer says it is committed to keeping prices down (PA)

Food retailers are repeating a similar mantra at the moment: it’s very tough for our customers (true), we’re worried about them (probably also true) and so we’re doing everything we can to keep prices low (maybe).

Sainsbury’s, stepping up with its half-year results, is a case in point. “We really get how tough it is for millions of households right now. Customers are watching every penny and every pound and we know that they are relying on us to keep food prices as low as we can,” said chief executive Simon Roberts.

Can we take him at his word? There is some evidence that we can. The latest Which? survey put the group in fifth place out of eight when considering a basket of 48 products, third of the traditional big four (which also includes Tesco, Asda, Morrisons). That isn’t great.