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Walmart is lowering prices on thousands of products, including beef, Coca-Cola and laundry detergent, saying the cuts are aimed at reducing the costs of seasonal summer items.

The largest U.S. retailer on Monday said the price cuts will be available in its stores and in Sam's Club locations, on Walmart.com, SamsClub.com, and through the Walmart and Sam's Club apps. The reductions apply to groceries and other household items, such as grills, sunscreen and lawn mowers.

President Trump praised Walmart for the reductions and sought to claim credit for the decision.

"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," Mr. Trump wrote on Monday in a social media post.

Walmart declined to comment on Mr. Trump's post. Its announcement about the price reductions did not mention the president.

The price reductions went into effect last week, according to a Walmart spokesperson. The announcement represents a continuation of Walmart's existing strategy of emphasizing low prices and affordability, noted Vital Knowledge analyst Adam Crisafulli in a report.

Still, the price cuts are a win for both Walmart and Mr. Trump, who is facing criticism from Democrats for failing to reduce the cost of living, despite his campaign pledges to drive down inflation. The Consumer Price Index in May reached its highest level in more than three years, driven higher by soaring energy prices caused by the Iran war.

"It's a win/win for both sides — Trump needs to improve his messaging around affordability ahead of the midterms, and Walmart loves to occupy the low-price spotlight," Crisafulli wrote.

Walmart raised prices in February

The price reductions come after Walmart said in February that it had raised prices on "general merchandise" — products like electronics and appliances — due to higher U.S. tariffs on imports. Many of those goods are imported from overseas manufacturers, which were subject to Mr. Trump's so-called " Liberation Day" tariffs until the Supreme Court struck them down in February .

About half of Americans say they're struggling to pay for everyday items like groceries and gas, according to a new survey from The Guardian and Harris Poll published on Tuesday. It found that 95% of Americans believe the U.S. is in the grips of an affordability crisis.

While Mr. Trump has at times dismissed Americans' affordability concerns, the president on Monday wrote in his social media post that he is delivering on his promises to lower costs.

"Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, just like egg and Prescription Drug prices which I am bringing down by historic levels," he wrote.

Where Walmart is cutting prices

Walmart said it has cut prices on thousands of items, including the following:

  • 1 lb. 73% ground beef roll, fresh: $5.94, down from $6.74 —a 12% cut
  • Fresh sweet corn on the cob: $0.25 each, down from $0.68 —a 63% cut
  • Fresh red cherries 2.25 lb. bag: $5.63, down from $11.18 — a 50% reduction
  • Great Value ice cream 48 fl. oz: $2.50, down from $2.97 — a 16% cut
  • Lay's Classic Potato Chips 8 oz bag: $2.50, down from $2.97 — a 16% cut
  • Frito-Lay Family Fun Variety Pack, 18-count: $8.97, down from  $9.97 — a 10% drop
  • Great Value disposable paper plates, 200-count: $8.97, down from $9.97 — a 10% cut
  • Coca-Cola, Diet Coke and Coca-Cola Zero Sugar 24-packs:  $9.97, down from $14.97 — a 33% cut
  • Pepsi, Diet Pepsi, Dr. Pepper and Diet Mountain Dew 24-packs: $9.97, down from $13.97 — a 29% reduction

Edited by

Alain Sherter

In:

PCE inflation index hit 4.1% in May

Fed's preferred inflation index hit 4.1% in May amid the war with Iran03:24

Fed's preferred inflation index hit 4.1% in May amid the war with Iran

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