As consumers grapple with persistent inflation, Target Corp. on Monday said it would reduce prices on close to 5,000 popular items across several categories ahead of the upcoming Memorial Day weekend.
“We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” said Rick Gomez, Target’s executive vice president and chief food, essentials and beauty officer, in a statement. “Our teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs.”
Items that will see price cuts include milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels and pet food. Target said it has already cut prices for 1,500 items such as on Good & Gather Frozen Chicken Breast, Prime Hydration Ice Pop Sports Drinks, Johnsonville Cheddar Smoked Sausages and Good & Gather Shredded Cheese. The rest of the price reductions are planned for throughout the summer.
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According to Target, the reduction will “collectively save consumers millions of dollars this summer.” The retailer reports earnings on Wednesday.
The Bureau of Labor Statistics last week reported that overall retail prices increased 0.3 percent in April from March, and 3.4 percent from the prior April, which was slightly less than the 3.5 percent increase in March. Excluding volatile food and energy costs, the core CPI rose 0.3 percent in April and 3.6 percent from the same month in 2023.
Target isn’t the first retailer to make a change to its price system amid inflation. Last summer, shoe brand Keen lowered the prices on almost all its shoes that are available through both its partners and its website in order to “pass along the savings” and drive down prices for its consumers.
