Target to lower prices on about 5,000 basic goods as inflation cuts into budgets

Target is set to reduce prices on about 5,000 essential items this summer, including food and household goods, to help consumers struggling with inflation. This move, expanding on price cuts already applied to 1,500 products, aims to attract customers increasingly opting for cheaper, private-label brands amid high grocery costs. Additionally, Target's new Dealworthy collection offers budget-friendly options, with most items priced under $10. This pricing strategy comes as Target faces a 1.7% annual sales decline, its first in seven years, influenced by inflation and higher credit card costs.

Target is planning to reduce prices on a variety of consumer basics this summer, including:

1. Food items: milk, bread, fruits, vegetables, snacks, yogurt, peanut butter, and coffee.
2. Household essentials: diapers, paper towels, and pet food.
3. Beverages: soda and sports drinks.
4. Health and beauty products.

Additionally, price reductions will be found across dozens of national brands and popular Target-owned brands like Good & Gather and Everspring in key departments such as food and beverage, household essentials, health and beauty products, and more.