Walmart CEO says high prices are easing, but prices are still rising

Walmart's CEO said on Tuesday that there are some bright spots where high prices are easing even though inflation persists.

Doug McMillon told CNBC that the categories of sports equipment, clothing and toys are all seeing prices go down.

In the interview, McMillon said that prices have come down more aggressively in toys, sporting goods, apparel, and categories like that. We are not inflated nearly as much as we are in other categories, but we are not nearly as much as we are in other categories. The TVs are benefiting from instances in which consumers are less selective about their purchases because of the fact that they consider pricing, according to McMillon.

The large-box retailers placed large backlogs of orders as the pandemic set in, in all of the categories. The supply chain hiccups slowed and demand slowed down, they ended up with excess inventory.

Other companies have recently discussed similar easing of price pressures. Peter Nordstrom, Nordstrom president and chief brand officer, said last month that the company continues to see lower prices in clothing categories where pandemic sales had accelerated, including home and activewear.

Inflation is slowing down in many of its fresh food offerings, according to the CEO of Kroger, Rodney McMullen.

In the same interview on Tuesday, Walmart's McMillon warned that some grocery prices are still rising, including chicken and some dry goods.

Inflation was 7.7% in October. The next inflation reading for November will be released Tuesday, December 13.