But I've been assured by all the best experts that higher prices are caused by corporate greed — why doesn't it just raise its prices?

paul krugman, intellectual mosquito

Walmart plunges after slashing its profit outlook, blames food, fuel costs

Walmart provided a business update today and revised its outlook for profit for the second-quarter and full-year, primarily due to pricing actions aimed to improve inventory levels at Walmart and Sam’s Club in the U.S. and mix of sales.

Comp sales for Walmart U.S., excluding fuel, are expected to be about 6% for the second quarter. This is higher than previously expected with a heavier mix of food and consumables, which is negatively affecting gross margin rate. Food inflation is double digits and higher than at the end of Q1.

This is affecting customers’ ability to spend on general merchandise categories and requiring more markdowns to move through the inventory, particularly apparel.

Why are prices going up? Fed Chair Powell tells us one reason why: because giant corporations “are raising prices because they can.”

Concentrated corporate power has a role in driving inflation and I'm fighting for more competition to help lower prices. pic.twitter.com/DRqYF0nYdp

— Elizabeth Warren (@SenWarren) January 11, 2022

And here’s another Mensa member weighing in: