Walmart is trying to make shopping more affordable as buyers continue to watch what they’re spending.
The company’s CEO announced last week during an earnings call that it had already lowered the cost of 7,200 items, The Associated Press reported. It offered rollbacks on the items, including 35% more discounts year-to-year for food, CNBC reported.
Doug McMillon said that while inflation has eased in some areas, it “has been more stubborn” in others including dry groceries and processed foods. CNBC said among the products are carbonated soft drinks.
The Labor Department said last week that year-to-year inflation in July was the lowest in three years, the AP reported. But it doesn’t mean costs are coming down, instead, pay and cost of living are getting more in sync.
McMillon said Walmart is pushing back on production companies on what they want their products priced at.
“We have less upward pressure, but there are some that are still talking about cost increases, and we’re fighting back on that aggressively because we think prices need to come down,” he said, according to CNBC.
Chief Financial Officer John David Rainey said that prices went up on dairy, eggs, sugar and meat over the second quarter, were steady or even fell for pet food, apples, potatoes, strawberries, sporting goods and lawn and garden.
Walmart also launched its own store food brand — Bettergoods — and will have about 300 products by late fall, ranging from frozen food to coffee to chocolate, the AP reported.
Competitor Target said it would lower the prices of 5,000 items through the summer earlier this year.
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