Finally, shoppers are getting some good news about prices
“In toys, sporting goods, apparel, categories like that, prices have come down more aggressively,” McMillon said in an interview on CNBC. “We’re still inflated but we’re not inflated nearly as much as we are in the other categories.” Prices on toys were up 3.1% in October annually, according to the latest data from the Bureau of Labor Statistics. Sporting goods were up 3%, while apparel was up 4.1%. All three were below the 7% overall rate of inflation.
Walmart\n \n is the largest retailer in the United States and has a gauge into consumer habits and a wide array of products. McMillon said that inflation was “most stubborn” on packaged food. Double-digit price increases on these essentials “are going to be with us for a while,” he said. Customers were adjusting their grocery habits by switching from name brands to Walmart’s cheaper in-store brands, he said.
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