Target to cut prices on 5,000 items: See which items will cost less

NEW YORK — Retail giant Target announced Monday it is lowering prices on around 5,000 items in its stores across the country.

The Minneapolis-based retailer said the price cuts are meant to both make sure its prices stay competitive and help consumers who are feeling financially strapped in today's economy.

"We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," Rick Gomez, Target's executive vice president and chief food, essentials and beauty officer, said in a statement announcing the price changes. "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."

Target said the price cuts will take effect "over the course of the summer," and noted that prices on around 1,500 items in its stores have already been cut.

Lower prices to come on 'everyday items'

The products that Target customers will soon see lower prices on include what Target describes as "everyday items," including:

• Milk
• Meat
• Bread
• Soda
• Fresh fruit
• Vegetables
• Snacks
• Yogurt
• Peanut butter
• Coffee
• Diapers
• Paper towels
• Pet food

Target said in some stores around the country, the price of a frozen pizza has already dropped to $3.99 from $4.19, for example.

A container of Clorox scented wipes is now $4.99 compared to $5.79, according to the company.

Target said the lowered prices will be found online and on the Target app as well as in stores.

Where else can shoppers find savings?

Target's announcement of lower prices comes just weeks after Aldi announced its own price reduction on more than 250 grocery items.

The retail chain said customers will see lower prices this summer on items including meat, bread, organic avocado oil, organic granola bars and dried cranberries.

McDonald's also announced a price reduction this month in the form of a $5 value meal that will hit menus in time for summer.

The fast food chain plans to offer a bundle that includes four items: a McDouble or McChicken sandwich, small fries, small soft drink and a four-piece Chicken McNuggets for just $5.

Overall, data shows that grocery prices are falling for the first time in one year.

In April, the food at home index -- food purchased at grocery stores - decreased by 0.2%, according to the U.S. Department of Labor consumer price index findings.

Some staple food at home products, including bread, poultry and eggs, fell in April compared to a year ago, the CPI data showed.

Prices for other items like breakfast sausage and ice cream, however, increased at a pace near the level of overall inflation.

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