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Amazon lowers food prices at Whole Foods, countering "Whole Paycheck" image - CBS News
Amazon said it will cut prices on hundreds of items sold at Whole Foods starting on Wednesday, countering the grocery chain's image that shoppers required their "Whole Paycheck" to shop at its locations.
The decision to pare back prices comes amid heightened competition in the grocery segment, driven especially by Walmart's push to expand in the food-retail category, said Moody's analyst Charlie O'Shea. Amazon, which bought Whole Foods for almost $14 billion in 2017, previously had boosted prices earlier this year because of inflation.
Amazon said the price cuts will focus on produce, and that it plans to double the number of Prime member deals to 300 per store. At the same time, the company said its products sometimes cost more than at other retailers because its standards prohibit sales of food with high-fructose corn syrup, artificial ingredients and some preservatives. Whether the lower prices will be enough to lure price-sensitive shoppers through its doors remains to be seen.
Amazon said it will cut prices on hundreds of items sold at Whole Foods starting on Wednesday, countering the grocery chain's image that shoppers required their "Whole Paycheck" to shop at its locations.
The decision to pare back prices comes amid heightened competition in the grocery segment, driven especially by Walmart's push to expand in the food-retail category, said Moody's analyst Charlie O'Shea. Amazon, which bought Whole Foods for almost $14 billion in 2017, previously had boosted prices earlier this year because of inflation.
Amazon said the price cuts will focus on produce, and that it plans to double the number of Prime member deals to 300 per store. At the same time, the company said its products sometimes cost more than at other retailers because its standards prohibit sales of food with high-fructose corn syrup, artificial ingredients and some preservatives. Whether the lower prices will be enough to lure price-sensitive shoppers through its doors remains to be seen.