Supermarkets Keep Slashing Prices and It’s Not Working

Source: Time

Mar 21, 2017

Supermarkets are slashing prices to the point where for the first time in nearly 50 years, prices on items decreased on average.

The price difference is good news for grocery shoppers, but bad news for the industry, USA Today reports. In 2016, prices on groceries at stores declined by 1.3%, according to the Agriculture Department’s Economic Research Service. That’s the first annual decline in prices since 1967.

The price deductions come from growing competition, deflation and other factors, industry leaders and experts told USA Today.

“It’s created a price war among everybody,” Phil Lempert, a supermarket analyst, told USA Today. “This is great news for consumers, but bad news for businesses who sell food.”

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Categories: America, Food, The Muslim Times, USA

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