Walmart CEO Doug McMillon talked about what the retail giant is seeing in terms of inflation for certain categories during a CNBC interview this week.
reported earlier in the week that inflation, as measured by the Consumer Price Index, cooled slightly, going up 0.1% month over month and 7.1% year over year. Overall food prices increased 0.5% from the prior month and 10.6% from the prior year, with the cost of groceries being up 12% on an annual basis, according to the Labor Department.
The data in the CPI report "doesn’t really surprise us," McMillon told CNBC, adding, "We’re managing this item by item, category by category, and we have a plan and have adjusted our inventory to be ready for this next year." Walmart’s CEO, Doug McMillon, talked about what the retail giant is seeing in terms of inflation for certain categories during a recent interview."What we’ve seen over the last couple of quarters is a lot of our growth is being driven by customers with more than $100,000 in household income," McMillon said. "That will probably still be the case for some time as people are even more price sensitive.
According to the CEO, that "changes our mix of sales, and it changes what people spend money on – they become more selective in discretionary spending – so we’re merchandising our site and our stores accordingly."
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