By Timothy Inklebarger
Source: Supermarket News

Former U.S. Labor Secretary Robert Reich came out swinging against retail giant Walmart on Saturday, accusing the company of gouging customers and helping to drive inflation.

The celebrity economist said in a Tweet that the mass merchandiser spiked prices on its private label brand, Great Value, and nearly doubled its net income to $10.5 billion near the end of 2023. That enabled the company to send $5.9 billion in buybacks and dividends to shareholders, Reich said in the Tweet.

“When I say price gouging is driving inflation, this is what I mean,” he said on X (formerly Twitter).

Read the full article