Walmart CEO: Inflation Will Be ‘With Us Basically Forever’ At ‘Some Level’ | Eastern North Carolina Now | Walmart CEO Doug McMillon predicted on Tuesday that wage inflation will be “with us basically forever” and detailed how higher price levels are impacting the grocery giant.

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Walmart CEO Doug McMillon predicted on Tuesday that wage inflation will be "with us basically forever" and detailed how higher price levels are impacting the grocery giant.

    The Consumer Price Index (CPI) rose 8.5% year-over-year as of July, according to a report released last week by the Bureau of Labor Statistics. In an interview with CNBC anchor Courtney Reagan, McMillon explained that Walmart is gaining more consumers as wealthier families struggle to contend with inflation.

    "It's a conflicting period in terms of the data. If you look at what's happening across categories and across income levels, inflation is having an impact particularly for those who don't have as much money," McMillon said. "So we see them behaving in different ways ... Higher income families are shopping at Walmart because they're so price sensitive right now. We shared earlier this morning that families making more than $100,000 in household income have driven a lot of our growth during this last quarter."

    Although year-over-year inflation saw a modest decline from 9.1% to 8.5% as gas prices fell between June and July, food prices continued to accelerate. Food at home - a category that includes groceries - rose 1.3% month-over-month and 13.1% year-over-year.

    "Right around the middle of the first quarter is when we saw food inflation reach a level where behavior started to change," McMillon added. "It got to a level where people making less than $50,000 household income started behaving differently, and then to the $75,000 level and then to the $100,000 level."

    Likewise, McMillon - whose company boasts 1.6 million domestic employees and remains the largest private employer in the United States - said that wage inflation will endure indefinitely.

    "We've raised our wages, which we're happy to do ... that creates a new level of which pricing has to be adjusted to reflect," he commented. "So I think there's some level of inflation that's going to be with us basically forever. Hopefully we'll see food inflation in particular improve as we go through next year."

    Although employees are taking home nominally larger paychecks, real average hourly wages dropped 3% during the same period, according to the Bureau of Labor Statistics - meaning that Americans must tighten their budgets or work more than last year to enjoy the same standard of living.

    One recent analysis from Republican members of the Joint Committee on Taxation determined that inflation cost the American household $717 in July 2022 alone, adding that inflation will cost Americans $8,607 from August 2022 through July 2023 even if prices stop increasing altogether. "Americans are facing the highest inflation rates in decades, making it harder for them to afford everyday goods and more expensive to raise their families," the analysis said.

    President Joe Biden and other White House officials nevertheless spun the latest price level news by noting that inflation was, on paper, 0% last month - with scant mention of continually rising prices for food and other commodities, as well as the fact that inflation was 1.4% when Biden assumed office.

    On Tuesday, Biden is slated to sign the $740 billion Inflation Reduction Act, which contains $369 billion for climate change initiatives alone. A slim 12% of Americans believe that the law will actually decrease inflation, according to a recent YouGov poll.

Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?
  Yes, the Democrats have a bold plan, yet to be revealed, to save us.
  No, there will have to be a complete undoing of the damage done by these Democrats.
  I can't do simple math, so how am I to understand the concept of basic economics.
1,178 total vote(s)     What's your Opinion?

Go Back


Latest Op-Ed & Politics

According to reports from across the country, the number of individuals in the country who are libertarian and libertarian-curious is declining. Experts attribute this decline to the rise of "drag queen story hour."
Pfizer is planning to quadruple the price of its COVID vaccine as the federal government’s program to purchase the doses comes to a close.
Today the North Carolina Department of Commerce released September county-level unemployment data for the state, revealing a decrease in unemployment rates for 99 of North Carolina’s 100 counties. Only Warren County saw an increase in its unemployment rate.


The number of active duty military suicides decreased last year, according to a Department of Defense (DOD) report issued Thursday.
According to sources, a kindly middle-aged father began bullying his family during a casual game of Mario Kart 8 Deluxe this week. Police were called to the scene after a neighbor became distressed over the sound of wailing and gnashing of teeth coming from the family's home.
TikTok’s parent company in China reportedly planned to use the platform to track the location of specific American citizens.
As of Halloween morning, 1,160,747 ballots have been accepted in the N.C. 2022 midterms, and Democrats are seeing a 3.54% reduction in their usual early-voting advantage.
A fellow “briefcase girl” from the show “Deal or No Deal” suggested that Meghan Markle lied when she claimed that the show provided “stations” where various “briefcase girls” could have their bras stuffed.
Billionaire Elon Musk will reportedly gut Twitter with massive cuts when he takes over, getting rid of the overwhelming majority of the company.


Your family may say they want you over for Thanksgiving because they love you, but it's obviously a trap. They're going to ambush you with alternative facts that make Biden look bad.


Back to Top