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Business and Economic News
The Associated Press

Target to lower prices on about 5,000 basic goods as inflation sends customers scrounging for deals

US Target Results
Target says it's cutting prices on about 5,000 food, beverage and household essential items, becoming the latest company to shift its pricing strategy as consumers pay closer attention to how they spend their money amid inflation concerns.
David Zalubowski | AP File

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The price cuts on as many as 5,000 food, beverage and household essential items is a bid to follow customers, many of whom are deploying a mix of strategies to find relief at the register.

Target plans to cut prices on thousands of consumer basics this summer, from diapers to milk, as inflation cuts into household budgets and more Americans pay closer attention to their spending.

The price cuts, already applied to 1,500 items, will include 5,000 food, drink and essential household goods. Target and other retailers are increasingly catering to customers who are struggling with higher prices for groceries, though inflation has begun to cool. Many have switched to private label brands sold by Target and others big retailers, which are typically less expensive than well-known brands.

Target launched one such collection in January called Dealworthy which includes nearly 400 basic items, ranging from clothing to electronics, that can cost less than $1, with most items under $10.

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 customers’ frustration with high prices. Walmart posted strong quarterly sales last week, driven by a influx of customers looking for bargains.

Target is cognizant of the pullback by shoppers due to inflation and because of the increased cost of using credit cards. The company in March reported its first annual decline in sales — 1.7 percent — in seven years.

Target Corp. said Monday that the lower prices will roll out over the summer on national brands and its own house brands.

“These reductions are in addition to our everyday low prices, which we routinely adjust to be competitive in the market and make sure you enjoy great value every day,” the company said in a prepared statement.

Target said customers will be able to score reduced prices on food items like milk, bread, fruits and vegetables. They'll also see price reductions on goods such as diapers and pet food.

Target is likely to offer more insight into what it thinks about customer behavior and how it's addressing any changes when it releases its quarterly financial report Wednesday.