Rob Wile is a breaking business news reporter for NBC News Digital.
Walgreens announced Wednesday it would continue to cut prices on some 1,300 items — the latest company to pivot to value amid signs U.S. consumers are experiencing spending fatigue. The pharmacy chain said in a statement announcing a 'summer of savings' the lower prices were in response to consumers ongoing struggles with elevated inflation rates that continue to bedevil the U.S. economy.
Last week, Target announced lower costs for thousands of items in its stores, while Walmart recently unveiled an entire new line of food items costing $5 or less. The post-pandemic economic recovery is now showing signs of splitting into a 'K'-shaped one, with more well-off Americans able to sustain consistent levels of spending, even amid inflation rates that continue to hover above 3%. Lower-income consumers have been cutting back more substantially.
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