Walmart prices are rising at a brisk pace in 2023. While consumers are seeing the cost of everyday essentials go through the roof, the company's executives say that food inflation is likely to persist for much longer than expected, At the same time, the retail giant's profits are reaching new records But the vast majority of Americans haven't seen their incomes rising accordingly, and that's especially true for middle-income households.

Right now, middle-class workers are coping with the highest cost of living in decades, and many of them can no longer afford to shop at Walmart and are flocking to discount stores instead. In fact, the chain's CEO Doug McMillion revealed that 75% of Walmart's new customers are upper-income Americans, who make over $100,000 a year. That indicates there's something extremely wrong with the American middle class right now.

This group is known worldwide for its purchasing power and economic strength, and for years, it actively contributed to the growth of the megaretailer. The most notable revelation comes from a new study that exposes Walmart has everything to do with the decline of the US middle class.