American consumers are likely to dial back on trips to stores and restaurants this year as soaring inflation makes shopping more expensive, according to Target CEO Brian Cornell.
Cornell addressed the retail landscape during a Sunday appearance at a National Retail Federation event. He notedof gasoline and increased costs of everyday goods that should prompt Americans to seek cheaper alternatives.
The Consumer Price Index surged 7 percent in December as businesses contend with widespread supply chain disruptions, shortages of key products and tight labor conditions. The inflation spike was the largest increase since mid-1982, according to the Labor Department. Cornell did not comment specifically on whether the inflation surge would affect consumer spending levels, though he noted the coming months would provide a key indication.
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