Walmart has announced a major change to grocery prices that has excited shoppers.

Food may still be expensive, but at least Walmart is making an effort to lower prices for customers. The popular retailer has been working to reduce the prices of essential grocery items such as eggs, fresh fruits, and baked goods. So much so that the store is now bringing prices down to pre-inflation levels. Recently, the store announced that they will be officially lowering the prices of 7,200 products within their stores.

In the second-quarter earnings call, Walmart CEO Doug McMillion announced the reduction in prices on these products. Although these products span across various categories in their inventory, the company realized that customers are turning to Walmart for daily essentials like food.

This specific announcement was made after the Consumer Price Index announced that the annual inflation rate had dropped below 3%—the first time since 2021. Walmart forecasted that sales growth would increase between 3.75% to 4.75% by the end of this year, and with regular customers remaining "generally stable," the retailer is confident that these price changes will not affect its annual revenue. In fact, these competitive prices could help bring in more business as other retailers begin to roll out their own price cuts.

Alongside these lower and competitive prices, Walmart has strived to provide their customers with high-quality items—especially in the grocery aisles. An example is the launch of their store brand, Bettergoods, which features 300 new items on the shelves that are chef-inspired, made with high-quality ingredients at prices you likely won’t find elsewhere.

The push to have store-brand products helps the company to drive lower prices for customers, according to Walmart’s CFO John David Rainey. "We want to offer everyday low prices, and we do not intend to achieve any of our margin performance by passing this on to our customers and members in the form of higher prices."