Food inflation surged to 10.4% year-over-year in June, the largest increase since 1981. Moreover, CPI in June increased a record 9.1%. Amid such sky-high prices and consecutive rate hikes, the retail industry’s overall growth outlook seems grim.
In the face of rising recession fears, on July 25, 2022, retail giant Walmart Inc. (WMT) slashed its earnings forecast, thereby wreaking havoc across the retail industry. The company plans to introduce major price cuts in clothing and general merchandise and expects its full-year profit to plunge by 11% to 13%.
