J Sainsbury PLC (LSE:SBRY) is to cut prices by a further £50mln in what it said was a move to help customers cope with the cost-of-living squeeze.
Simon Roberts, the retailer's chief executive, said the company was “doing everything we can to fight inflation”.
The FTSE 100-listed firm has already earmarked £500mln to use for price promotions and Roberts said this extra cash would be on top of this.
Christmas food and drink items will specifically receive £15mln in discounts, with Roberts claiming a traditional meal will now cost less than last year at under £4-a-head.
“We know everyone wants to enjoy a special Christmas meal together which is why we’re keeping inflation at bay," Roberts said in a statement.
Food and drink alongside energy costs were the items that lifted inflation to a 41-year-high of 11.1% in October.
Reports over the weekend suggested that the cost of the traditional Christmas dinner with all the trimmings had risen by 20% compared to a year ago, while the TUC reckons the cost has risen by three times more than income.