Sainsbury’s has said it will pump a further £50 million into its latest price-cutting push to support customers facing the soaring cost of living.

Simon Roberts, chief executive of the supermarket chain, said the company is “doing everything we can to fight inflation”.

The retailer’s latest effort on price reductions will take place by March next year and bring total investment to £550 million over the past two years.

It is ahead of Sainsbury’s original plan for £500 million in investment over the period.

Sainsbury’s added that more than £15 million has been specifically directed to pricing improvements for festive food and drink items.

Mr Roberts said: “We really understand that millions of households are having to make really tough decisions this Christmas and our job is to do everything we can to help with the rising costs of living.

“We are accelerating our commitment to being the best value, investing a further £50 million in lowering prices and doing everything we can to fight inflation and help our customers enjoy celebrating this year.

“We know everyone wants to enjoy a special Christmas meal together which is why we’re keeping inflation at bay and offering Christmas roast dinner for less than £4 per head – cheaper than it was last year.”

It comes after inflation bounced to a 41-year-high of 11.1% in October.

The rising cost-of-living was driven by higher energy bills and increased food inflation, which jumped to 16.4% for the month, the highest reading since 1977.

Mr Roberts added: “I would like to thank every one of my colleagues who are working tirelessly to deliver a brilliant Christmas for our customers.

“Our entire team at Sainsbury’s are working together to offer the best value, innovative new products and leading customer service.

“We’re all looking forward to welcoming our customers into stores and online at this special time of year.”