Walmart to slash prices as inflation harms consumer purchasing power

In a Monday update, Walmart revealed that it will continue to lower prices for general merchandise as inflation causes consumers to tighten their purse strings.

According to Doug McMillon, Walmart’s president and CEO, “The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hardline categories, apparel in Walmart U.S. is requiring more markdown dollars. We’re now anticipating more pressure on general merchandise in the back half; however, we’re encouraged by the start we’re seeing on school supplies in Walmart U.S.”