U.S. consumers face "serious" inflation in the months ahead for clothing, food and other products, the head of [Great] Wal[l]-Mart's U.S. operations warned Wednesday.
Along with steep increases in raw material costs, John Long, a retail strategist at Kurt Salmon, says labor costs in China and fuel costs for transportation are weighing heavily on retailers. He predicts prices will start increasing at all retailers in June.
"Every single retailer has and is paying more for the items they sell, and retailers will be passing some of these costs along," Long says. "Except for fuel costs, U.S. consumers haven't seen much in the way of inflation for almost a decade, so a broad-based increase in prices will be unprecedented in recent memory."
Karl Denninger at market-ticker.orgRemember, You Bought It Scamerica