Sainsbury's warns of price hikes

The UK's second-largest grocery chain, Sainsbury's, has joined its rival Tesco in flagging the economic risks posed by the Iran war.

CEO Simon Roberts stated that higher energy and freight costs are likely to lead to a drop in profits this year.

Despite posting a £619 million pre-tax profit, the company is preparing for a 'complex and volatile' market.

Roberts emphasized that the supermarket will maintain an 'absolute focus' on keeping prices low for customers as food inflation fears mount.