(https://www.cnbc.com/2026/07/16/us-grocery-spending-slows-in-hit-to-food-companies.html) as shoppers buy fewer items, forcing brands to compete harder on price. Wall Street's reaction: bearish on $WMT and $KR. Mine: that's backwards. The real margin pain isn't retail — it's the CPG suppliers eating the deflation. Look at the data: $PG posted a net margin and EPS last quarter, but revenue growth is only YoY.

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