Target cutting prices on ‘thousands’ of basics amid inflation
FILE - Fresh bananas and other produce for sale in the grocery section inside a Target store. Photographer: Patrick T. Fallon/Bloomberg via Getty Images
Target is cutting prices on thousands of consumer basics this summer, including goods ranging from diapers to milk.
The price cuts, already applied to 1,500 items, will eventually include 5,000 food, drink and essential household goods.
The lower prices will roll out over the summer on national brands and Target brands.
The move comes as more Americans are paying closer attention to their spending as inflation continues to cut into household budgets.
Inflation has been unexpectedly high in the first three months of this year after having steadily dropped in the second half of 2023. The elevated readings in early 2024 had dimmed hopes that the worst bout of inflation in four decades was being tamed and raised concerns that prices could spike again.
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Target is one of many corporations adjusting prices or creating promotions to lure in customers looking for a deal.
Aldi announced earlier this month that it was also reducing costs this summer on several items, like picnic necessities, BBQ essentials and other snacks.
Last week, McDonald's said that it was planning to introduce a $5 meal deal in the U.S. next month to counter slowing sales and customer frustration with higher prices.
Target also announced earlier this year a new brand collection called Dealworthy which includes nearly 400 basic items, ranging from clothing to electronics, that can cost less than $1, with most items under $10.
This story was reported from Detroit. The Associated Press contributed.