Walmart this week made headlines (and saw its stock plumet) when it lowered its earnings forecast, saying higher prices on food and other items were causing consumers to cut back.

The largest retailer in the country also noted it was being forced to slash its prices to keep inventory moving.

Walmart’s announcement (and a similar one from Target last month) prompted analysts from the Royal Bank of Canada to declare they’re feeling “increasingly cautious on the state of the U.S. consumer.”

Food-at-home inflation soared 12.2% in June over the year before, a 40-year high, according to the Consumer Price Index. And the Federal Reserve on Wednesday approved a three-quarters of a percentage point interest rate hike, its second in a row, in an aggressive push to put a lid on inflation.

Even though economists have yet to declare a recession, 53% of Americans believe we’re already in one, according to the mid-year consumer report from NielsenIQ.