FOOD shoppers are seeing price increases on their daily shopping lists, and the prices are drawing the ire of customers.
A TikToker created a list of Walmart grocery items and detailed their price changes over the past three years – some, they claim, have doubled since 2023.
The TikToker (@__curtdogg) compared the prices of more than ten items in the video.
“Look at inflation taking over,” the TikToker said.
“When [customers] Say you’re broke, it’s not lying.
Several foods in the TikTok were meat – many of which were private label.
For example, the TikToker used a mesquite smoked box with Great Value brand turkey.
In 2020, the TikToker said he purchased the 16-ounce box for $3.14.
“That same package of meat is $6.72 in the store today,” the TikToker said.
“This shit is up more than a hundred percent.”
The TikToker used food prices from Montana – the state has seen higher than average inflation rates compared to the US average, according to federal economic data.
Walmart did not immediately respond to a request for comment for this story.
STATE OF INFLATION
According to the consumer price index, inflation hit store prices again in August, with food prices rising 3.7 percent.
Food prices rose in several segments – a direct result of increased gas prices.
“The index for gasoline was the largest contributor to the monthly increase of any item, accounting for more than half of the increase,” the Bureau of Labor Statistics wrote in the price analysis.
Walmart CEO Doug McMillon said grocery prices remain stubbornly high for the retailer.
Still, the inflation environment is better than he expected at the start of the year, he said.
“Inflation and higher prices are kind of our thing,” McMillon said of the locked-in prices.
“We will see disinflation, but not all the way back to deflation.”
Walmart has tried to use its market capital in the grocery segment to drive down grocery prices this year.
McMillon said in December: “We’re trying to figure out with our (dry food and supplies) suppliers, ‘What could we do differently to reduce some of these costs?’
Still, Walmart’s success in the grocery business left a bad taste in consumers’ mouths.
“IS NO LONGER WORTH”
Despite Walmart’s attempts to lower consumer prices, customers are still upset about the retailer’s grocery prices.
“It’s not just inflation. It’s also price gouging,” one TikToker commented on the video.
Another said: “Great value is no longer value.”
Walmart posted better-than-expected profits at its stores in the second quarter of this year.
The brand said its grocery division was the strongest performer as customers turned away from discretionary purchases such as clothing, home goods or electronics.
“Food is a strength, but our results also give us courage.”
“General merchandise compared to our expectations at the beginning of the quarter,” McMillon wrote in the earnings release.
Some customers took to TikTok’s comments section to exploit Walmart’s success in the grocery business: “Record profits.”
The company said inflation has been at six percent for the past three years and that many price increases are industry-wide and will continue.
The US Sun reports on other grocery trends – here’s a look at the possible future of paying in grocery stores.
Plus, here’s how Walmart is switching stores for the back-to-school season.