SHOPPERS may soon be able to get some relief at the cash register, according to Walmart officials.
Walmart US CEO Doug McMillon said the company would “lead on price,” announcing it is offering 7,000 price cuts.
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In the company’s first-quarter conference call with investors on Thursday, McMillon reported that prices for some items had fallen despite inflation.
In addition to the company’s reversals, he said general merchandise has seen slight deflation in recent months.
However, he said grocery prices were still rising.
“Our reversal count has increased and customers are responding to our price leadership,” he said.
Inflation remains above 3% year over year, according to recent federal data.
NATIONAL NUMBERS
Inflation has fallen significantly since its peak annualized rate of over 9% in June 2022.
However, the rate has remained high, practically stagnating over the past year.
In April, the consumer price index, a measure of inflation, fell slightly to 3.4%.
That change followed two months of slight increases, raising concerns that progress in inflation could be slipping back.
In April, the cost of groceries and eating at home fell slightly, according to the Bureau of Labor Statistics.
McMillon, however, said grocery prices at Walmart have seen a slight increase.
Since the BLS measures prices throughout the economy, it’s possible that small fluctuations in the market could cause Walmart to see a price increase while costs decrease across the country.
Inflation relief
Walmart promoted innovation as a solution to high prices.
The store focused on implementing new technologies and practices to improve the company’s bottom line.
Walmart has reorganized its delivery system in recent months, using stores to fulfill delivery orders.
The company said it is also looking to deliver more packages in fewer trips, improving efficiency.
On Thursday’s earnings call, McMillon touted Walmart’s launch of early-morning on-demand deliveries.
He said 20% of US deliveries last year were made in less than 3 hours.
Walmart stores closed in 2024
So far, Walmart has closed the following stores in 2024:
- San Diego, California – February 9
- El Cajon, California – February 9
- Columbus, Ohio – February 16
- West Covina, California – March 29
- Towson, Maryland – April 5
- Granite Bay, California – April 12
- Milwaukee, Wisconsin – May 19
- Fremont, California – May 24
The retail titan joined other stores flaunting inflation relief measures.
Whole Foods is taking steps to minimize the impact of inflation through ‘judicious sourcing’.
Governments have distributed money to alleviate inflation.
This story originally appeared on The-sun.com read the full story
