'Some could look and say things are getting better,' Walmart CEO Doug McMillon said. But for many families, prices 'are not coming down but just stabilizing at a higher level.'
American consumers are stressed. You can blame the persistently high prices seen throughout the economy right now., Walmart CEO Doug McMillon said that customers started to become significantly more budget-conscious this spring as inflation began taking some big bites out of their finances — and that those pricing pressures are still a challenge as the winter holidays approach.
"People may look at a two-year stack of inflation and say things are getting better," McMillon said. But for many families, prices"aren't really coming down, they're just stabilizing at a higher level," he said.Overall price growth in the U.S. slowed in October, but, at 7.7%, it remains near four-decade highs.
Part of that focus is on groceries, McMillon said. Although prices for beef and produce are coming down a bit, the cost of chicken remains high. And for dry foods, McMillon said he expects to see double-digit inflation rates"around for a while." Rising wages for cashiers and the cost of dealing with theft are two additional factors causing prices to shift upward at Walmart stores. McMillon said that while the company has been able to successfully fill most of its roles,"pressure at cashier levels" is leading to higher pay., Walmart says the average hourly wage for its U.S. front-line associates is now more than $17.
Meanwhile, theft at stores — or what is known in the industry as"shrinkage" — has risen beyond historical averages, McMillon said. He urged state and local law enforcement to beef up prosecution of theft incidents.
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