Walmart CEO: Food deflation may come soon

CNN– Lower grocery prices may soon be coming for shoppers.

The CEO of Walmart says the US food industry may be heading into a period of deflation after three years of price hikes.

Food prices have increased 25% since the pandemic started.

CEO Doug McMillion says consumers could see lower prices in the coming weeks and months with Walmart possibly entering a “Deflationary Environment”.

Walmart is the largest retailer in the United States and groceries make up more than half of its sales.