Target Slashes Prices on 5,000 Essential Products Owing to Inflation-Driven Budget Cuts

By Trisha Andrada

May 21, 2024 03:08 AM EDT

Target
Shoppers leave a Target store February 20, 2003 in Alexandria, Virginia.
(Photo : Mark Wilson/Getty Images)

Target announced Monday, May 20, that it would lower prices on 5,000 popular items to attract more consumers amid ongoing inflation concerns.

Over 1,500 Goods Are Discounted at Target, With More to Come

In a report by Detroit Free Press, Target said customers may save some "millions of dollars" at Target due to the store's price cuts on various goods, including food staples like milk, meat, bread, soda, fresh produce, yogurt, coffee, and snacks. Prices of other products, like diapers, paper towels, and even pet food, would be deducted, too.

Target added that thousands more price reductions would be implemented during the summer, in addition to the 1,500 goods for which it has already lowered prices.

Rick Gomez, Target's executive vice president, said in the press release: "We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more."

READ NEXT: Target Cuts Pride Merch Ahead of June After 2023 Fiasco

American Households Still Struggle With Excessive Inflation

According to Fox Business, most American families are still feeling the strain of high inflation, which is far higher than the Federal Reserve's 2% objective.

A year ago, inflation grew 3.4% in April compared to the same month. Inflation has dropped significantly from a record high of 9.1%, but there has been little movement.

Target's move follows a string of companies recently announcing price cuts to assist those struck by persistent inflation.

John Furner, CEO and president of Walmart in the United States reported roughly 7,000 store rollbacks, according to The Sun. The grocery rollback count increased 45% year over year in April.

Aldi announced earlier this month that it will reduce prices on over 250 goods, totaling over $100 million in discounts, until Labor Day in September.

READ MORE: Social Security Income Payments to Jump by $60 Monthly in 2025 Amid Persistent Inflation

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