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Target CEO Sees Fewer Store Trips as Shoppers Confront Inflation

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Explain This: Inflation

Target Corp.’s top executive said U.S. consumers will drive less and consolidate their shopping into fewer trips as they adjust to pricier gasoline and the highest inflation rate in almost four decades. 

Shoppers are also likely to eat more at home and seek cheaper generic-brand goods in an effort to ease the blow from rising prices, Chief Executive Officer Brian Cornell said Sunday at a National Retail Federation event in New York. Consumer prices jumped 7% last year, the fastest 12-month pace since mid-1982, according to Labor Department data released last week.