AI Pricing Fears Spread

It's Benzinga, bringing Wall Street to Main Street. American shoppers are increasingly concerned that retailers and restaurants are using artificial intelligence and personal data to charge higher prices, according to the Wall Street Journal. Walmart, Kroger, and McDonald's deny using the technology for personalized pricing. Walmart CEO John Furner said the company does not use income, shopping history, or immediate needs to determine prices. Concerns have also focused on digital shelf tags, which allow retailers to change prices quickly. Walmart said it typically updates the tags when stores are closed. Research found that grocers use the technology to discount expiring products rather than implement surge pricing. Several states have enacted restrictions on data-driven pricing, while the Federal Trade Commission has proposed penalties for deceptive or unfair personalized pricing. For all things money, visit Benzinga.com.