As inflation plateaus, Whole Foods is asking suppliers to help bring prices down by lowering wholesale prices, reports The Wall Street Journal. The grocer told suppliers at a recent virtual summit that it wants to bring down retail prices as its own costs begin to lower.
Food suppliers have raised wholesale prices because of high transport, labor, and production costs, which have been passed onto consumers. But now shoppers are cutting back on purchases by trading down in certain categories and looking for deals.
“We know our customers are weighing the impacts of inflationary pressure on their buying choices,” Alyssa Vescio, Whole Foods’ senior vice president of merchandising of center store, said to suppliers at the virtual meeting.
A spokeswoman for Whole Foods told The Wall Street Journal that the company is committed to making sure its prices reflect easing inflation. She also noted that the company has worked to absorb rising costs and work with suppliers to offset inflation’s impact.
Some retailers, including Kroger, have indicated that food inflation is moderating, but on-shelf prices have yet to lower across the store.
Executives at the summit also noted that the retailer will focus on promotions in 2023 and hold more sale events. Full Story (Subscription Required)
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