American consumers are taking their foot off the spending pedal as bargain prices become rarer, former Walmart US CEO says

William "Bill" Simon, president and chief executive officer of Wal-Mart U.S., speaks during a Bloomberg Television interview on the sidelines of the SelectUSA 2013 Investment Summit in Washington, D.C., U.S., on Thursday, Oct. 31, 2013. (Credit: Andrew Harrer—Bloomberg via Getty Images)

Lingering inflation and pressure on American consumers is starting to damage retailers’ ability to offer bargain prices, according to the former CEO of Walmart’s expansive U.S. operation.

In an interview with CNBC on Monday, Bill Simon—who led the grocery giant from 2010 to 2014—said that “for the first time in a long time, there’s reason for the consumer to pause.”