Walmart CEO issues warning about what kinds of foods he expects to see price hikes this year

WALMART prides itself on low grocery store prices, but the retailer’s CEO recently warned shoppers that some products will be expensive as long as price increases persist.

As inflation continues to plague millions of Americans, CEO Doug McMillon has warned Walmart customers which groceries will be hit by price hikes, however, some items are actually getting less Dear.

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McMillon warned on an earnings call: “It’s dry groceries and consumables that we think are going to create the pressure that customers are going to feel and impact as far as we’re concerned the mix over the course of of the year.”

“Dry groceries and consumables are bullish, double digits, and those are going to stick with us for quite some time,” he said.

While pantry items may continue to dent shoppers’ wallets, McMillon said other items like milk and beef are actually coming down in price.

“The milk is actually less than a year ago,” McMillon said.

He added: “Beef is cheaper in terms of price.

“So think of fresh categories as kind of bouncing around, up and down and being more volatile.”

Egg prices are also falling, but they are still higher than before 2022.

McMillon explained: “The eggs were 200% swollen in January.

“They are now only 50% inflated.”

However, he added: “It’s still a problem.”

While Walmart still made more than $160 billion in revenue last quarter, the retailer is “taking a cautious outlook for the year,” chief financial officer John David Rainey said on the earnings call.

This is due to “the persistence of high prices and the potential for further macroeconomic pressures”, he said.

Walmart isn’t immune to the “retail apocalypse” either.

The retailer has closed stores in several states, including Connecticut, Georgia, Kentucky, Pennsylvania and Illinois.

The US Sun has shared a full list of Walmart stores that will close by the end of March.

Walmart’s San Mateo Boulevard SE location in Albuquerque, New Mexico and Homewood location in Chicago, Illinois will close on March 10.

The San Mateo Boulevard location will close following poor performance, KRQE reports.

Ahmed Young, director of public, government and corporate affairs at Walmart, attributed Homewood’s closure to the store not meeting Walmart’s “financial expectations”.