Target Announces It Will Lower Prices for Certain Items; Which Everyday Items Will Be Cheaper Now?

Retail chain Target has announced that it will cut the prices of several items, mostly grocery and household staples as a boon for consumers suffering from inflation. Around 1,500 items have now had their prices reduced by the store, with the retail chain saying that it is doing this not just to combat inflation, but to also stay competitive.

Many of the price cuts are for staples like milk, meat, bread, fruit and vegetables, but also everyday items such as paper towels. However, the Associated Press noted that the price cuts were mostly implemented in Target's Good & Gather and Everspring brands, which are owned by the company.

"We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," Rick Gomez, executive vice president and chief food, essentials and beauty officer at Target, said 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."

While inflation has indeed slowed down, it remains stuck above 3%. As this is happening, the Fed's key interest rate is still unchanged, with many consumers being forced to pull back on spending and becoming more and more selective about what they buy.

"Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending," noted McDonald's CEO Chris Kempczinski late last month.

What Everyday Household Items Received a Price Cut from Target?

The price cuts have slowly been implemented across several Target stores nationwide, and ABC News has reported that some price cuts have indeed become notable, with the cuts being seen not just in its physical stores, but also in the official Target App online store.

Among the most notable items that became cheaper in Target stores include milk, meat, bread, soda, fresh fruit, vegetables, snacks, yogurt, peanut butter, frozen food, and coffee. Target also slashed the prices of diapers, paper towels, and pet food.

Several examples of these price cuts include frozen pizza, which has already dropped to $3.99 from $4.19. Meanwhile, a container of Clorox scented wipes used to be worth around $5.79. Target is now selling these items for $4.99.

Other Retail Stores Also Implementing Their Own Price Cuts, Not Just Target

It is not just Target that has been lowering its prices to stay competitive, but also rival retail chain, Aldi. Among the items that the chain is slashing its prices include meat, bread, organic avocado oil, organic granola bars, and dried cranberries.

Meanwhile, Target's top rival, Walmart, which has already been known for selling items at lower prices, has admitted that even higher-income consumers were already buying from them as their "wallets are still stretched," according to NBC News.

This article is owned by Latin Post.

Written by: Rick Martin

WATCH: Target to lower prices on about 5,000 basic goods as inflation sends customers scrounging for deals - KARE 11