Supermarkets have lowered prices so much that, for the first time in nearly 50 years, item prices have dropped on average.
The price difference is good news for supermarket buyers, but bad news for the industry, reports DE USA Today. In 2016, supermarket prices fell 1.3%, according to the economic research service of the Ministry of Agriculture. This is the first annual price drop since 1967.
The findings come from increased competition, deflation and other factors, industry leaders and experts told USA Today.
“It created a price war for everyone,” supermarket analyst Phil Lempert told USA Today. This is great news for customers of the Wegmans, but bad news for companies that sell food.
Grocery stores like Costco, Wegmans, and Kroger have cut the cost of certain foods in the past year. Kroger, one of the nation’s largest supermarket chains, has seen the end of a 13-year series of steady sales growth in stores that have been open for at least a year, USA Today reported.
Walmart and Target launched cost-cutting initiatives this year to compete with cheaper supermarkets and online retailers, MONEY reported.
MyWegmansConnect online portal has been working like a magic for the Wegmans and the customers of the Wegmans. The customers of the Wegmans have used the MyWegmansConnect and hardly anyone has complained. Each and every customer of the Wegmans should definitely visit the official website of the Wegmans and use this portal.
