Walmart Is Making a Major Change to Prices on Thousands of Grocery Items, and Shoppers Are Cheering

Food may still be expensive, but at least Walmart is making the most of trying to drop down prices for customers. The popular retailer has been working on reducing prices on grocery staples like eggs, fresh fruit, and baked goods. So much so that the grocery store is dropping prices to pre-inflation levels. More recently, the store has now announced it will be officially slicing the prices of 7,200 products within their stores.

In the second-quarter earnings call, Walmart CEO Doug McMillion announced the lowering of the prices on these products. While these products span a variety of categories in their inventory, the company realized that customers are turning to Walmart for those everyday essentials, like food.

This particular announcement came after the Consumer Price Index announced that annual inflation dipped below 3%, which is a first since 2021. Given Walmart announced that it forecast sales growth to increase between 3.75% to 4.75% by the end of this year, and the regular customers coming into the store are “generally stable,” the retailer is confident that these price changes won’t affect its annual revenue. In fact, these competitive prices might help with bringing in more business as other retailers start to roll out their own price cuts.

Along with these lower and competitive prices, Walmart has strived to provide their customers with high-quality items — especially in the grocery aisles. The launch of its store brand Bettergoods is an example, with 300 new items on shelves that are chef-inspired, made with high-quality ingredients at low prices that you likely won’t see anywhere else.

The push to have store-brand products helps the company drive lower prices for customers, according to John David Rainey, Walmart’s CFO. “We want to drive everyday low prices, and we’re not intending to achieve any of our margin performance by passing this along to our customers and members in the form of higher prices, ”he said in the earnings call.