Finance Today, 5/26/23
"Walmart Food Prices Are Now 200%
More Expensive This 2023"
"We're sorry to break it to you, but if you typically buy for groceries at Walmart to save money, you're not saving as much as you think. You've undoubtedly already noticed that supermarket costs are rising across the board at all stores. However, a recent study shows that, despite Walmart's promise of low prices, this is particularly the case there. The editorial staff at Trading Pedia looked into 34 grocery items' price fluctuations at Walmart during the preceding two years and noticed that the bulk of the items' prices had grown considerably, with many of them rising by more than 100%. In October, 90% of Americans expressed concern about food prices, which is understandable. However, decreased food production and supply chain issues will worsen the affordability crisis in early 2023, causing food inflation.
TradingPedia financial analyst Brian McColl and his team analyzed data for the world's largest retailer's most popular foods and found shocking results. According to the data, the merchant charged 31% more for a package of chicken breasts during the last two years, 126% more for a package of 18 eggs, and 150% more for a gallon of milk. Dairy and eggs saw a 70% average increase. Sweet onions rose 165% and an eight-pack of Pepsi 67% from 2020 prices. Walmart saw an average price increase of 22% for meat and seafood and 29% for veggies. Olive oil rose 48% and tomato sauce 57%.
In example, a recent viral video showed a Walmart employee boosting the price of salad dressing from $2.24 to $7.88, a more than 350% increase. According to JP Morgan retail specialists, Walmart raised prices the most among leading food retailers in the latest quarter. Walmart's grocery prices are rising due to store price increases. The company's leaders have also stated that "double-digit" food inflation has hurt sales in other superstore departments and will continue to do so this year. The company forecast an 11%–13% drop in fiscal 2023 earnings per share, below Wall Street expectations."
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