LONDON, (Reuters) – British supermarket Sainsbury’s announced Monday that it is increasing its efforts to control prices. It will spend 500million pounds ($631.4 Million) in the next two years. This money would be used to maintain a low cost core product.

The biggest pinch on household incomes is caused by rising prices. In Britain, grocery inflation reached 7% in the four weeks leading to May 15. This was the highest in the past 13 years according to data from the industry.

Rishi Sunak (finance minister) announced that a second round of financial support was being offered to households affected by rising energy prices.

Supermarket groups often attempt to reduce the cost of known-value products, items shoppers are used to, and push up other prices.

Sainsbury’s stated that “our commitment to savings and reinvesting wherever it can make a greatest difference to our customers means we’re now able commit over 500,000,000 pounds to lower prices, and help manage inflation.”

This amount is a combination of investment in prices for the previous financial year and money committed to this fiscal year through March 2023.

Sainsbury’s stated that its investments were focused on milk, eggs and meat as well as key household necessities.

Simon Roberts, chief executive of the company said that they are focused on driving savings so that money can be reinvested to keep food prices down.

Sainsbury’s maintains that its prices are lower than major peer companies while still capturing volume-based market share. Sainsbury’s is losing market share on a basis of sales value, however.

Sainsbury’s and Tesco, the market leader (OTC:), both predicted lower profits last month.

($1 = 0.7920 pounds)