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Walmart CEO says food deflation may come soon

today 11/16/2023
Walmart CEO Doug McMillon has stated that the US food industry may experience a period of deflation, potentially leading to lower grocery prices for shoppers. Over the past three years, food prices have increased by 25%, causing concern for consumers. McMillon believes that dry grocery and consumables may start to deflate in the coming weeks and months, creating a deflationary environment. While the pace of food inflation has slowed recently, prices are still generally on the rise, although certain items like bacon, seafood, and eggs have seen drops in price. Other products such as appliances, phones, airline tickets, and toys have also experienced price decreases. While lower prices may benefit shoppers, deflation can be risky for the economy as it may indicate weak demand and cause reduced consumer spending, potentially leading to layoffs and recession. Additionally, it is more challenging for central banks to stimulate economic growth during a period of deflation. Japan's experience with deflation during the "lost decade" from 1991 to 2001 serves as a cautionary example.
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