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While President Trump said Monday that Walmart was lowering prices at his administration’s request, the company’s announcement on the matter made no mention of the president’s role in the change.
Walmart said Monday it is lowering prices this summer on groceries, household essentials, outdoor items, toys and apparel. The lower prices are “designed to help customers and members make the most of the season while spending less on the products they need, want and love most,” the company noted in a release.
Trump praised the move by the “truly patriotic” company.
“Great news! I have just been informed that one of the biggest, best, and smartest Retailers in America, Walmart, will be lowering prices, by a lot, at my Administration’s request to celebrate our great Country’s 250th birthday,” the president wrote on Truth Social.
“Walmart is stepping up in a big and bold way, and other Retailers should follow the lead of these absolute Patriots,” Trump added later.
A source at Walmart close to the matter noted the lower prices were in effect as of last week.
The price decreases include an 11.9 percent reduction in the cost of a pound of ground beef, a 63.2 percent decline for corn on the cob and a 49.6 percent decrease for a 2.25-pound bag of red cherries, the release said. Sam’s Club, a Walmart subsidiary that requires a membership, is lowering the per-pound price of bone-in chicken wings by more than 30 percent, as well as beef hot dogs by 16.2 percent and ground beef by 3.2 percent.
In total, Sam’s Club is lowering prices on more than 250 items this summer, according to the release from Walmart.
Julie Barber, Walmart’s executive vice president and chief merchant, said in the company release that the lower prices show customers can “count on Walmart to deliver the value they need every day,” adding the company’s “investments in price” meant thousands of price decreases.
Food prices in May rose by 3.1 percent year over year, with the per-pound price of 100 percent ground beef rising by more than 12.8 percent, according to the Bureau of Labor Statistics.
The Trump administration has taken multiple steps to address the surge in beef prices, which can be traced to drought, high grain prices, inflation and rising interest rates, according to NerdWallet.
Last week, the U.S. Department of Agriculture pledged up to $500 million in support for small- and midsize meatpackers, with Agriculture Secretary Brooke Rollins “saying the move will preserve the independent processing capacity that ranchers rely on.”
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