Price gouging is definitely a possibility. I have been buying this water for years. I started buying it at Walmart. It used to be $0.96. Then the price started to increase especially after 2020. When the price reached $1.28, I stopped buying it from Walmart and started buying the water from Dollar Tree. The price at Dollar Tree has been the same but now the price at Walmart is $1.43.
I think Walmart increased the price for many reasons. One, they can. Pushing the price to see how far they can go. Hoping people go along with it. Another reason is to please the shareholders. The profits also help keep the *casino* known as the stock market afloat.