According to Wal-Mart's Chief Financial Officer, Wal-Mart is dedicated to maintain low prices despite growing pressures from its suppliers. Wal-Mart suppliers are now facing the steepest inflation in the U.S. in over 17 years as rising costs have now stretched beyond oil and food. Wal-Mart stated that they are not only trying to maintain prices, but also increase the number of price cuts in its grocery business. The company is aiming to significantly undercut prices from its competitors Target and Costco.