Updated May 21, 2024 at 10:24 AM ET
Target says it is dropping the prices of 5,000 common items, joining a growing list of stores trying to draw inflation-weary shoppers.
Target's list of price cuts, posted on Monday, includes "milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more." The company said it has already lowered prices of about 1,500 items and will continue to do so throughout the summer.
For example, in some areas, a 20-ounce package of Thomas' Plain Bagels is going from $4.19 to $3.79; a 75-count of Clorox Scented Wipes is going from $5.79 to $4.99; and a 1-pound container of Good & Gather Unsalted Butter is going from $3.99 to $3.79.
Grocers Walmart and Aldi, and the furniture retailer Ikea have previously said their prices are dropping this year too. McDonald's is putting new focus on its value menu, including a $5 meal expected this summer.
The price cuts are all part of an effort to keep consumers visiting stores and restaurants, as more families have been tightening their budgets after years of inflation. Companies especially note that lower-income families have pulled back, prioritizing necessities.
Grocery prices generally have been fairly steady. They are up 1.1% over the past year, but actually dropped 0.2% between March and April, according to federal data. Major retailers have been putting new pressure on packaged-goods companies in particular, which have been raising prices while citing higher production costs.
Overall U.S. inflation has eased from its four-decade highs, though prices are still climbing faster than the Federal Reserve's target. Consumer prices in April were 3.4% higher than a year ago, a smaller annual increase than the month before.
"We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," Target's Executive Vice President Rick Gomez said in a statement.
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