Target will lower prices on 5,000 products to attract cash-strapped shoppers

Target announced Monday that it will decrease prices on 5,000 frequently purchased items to stay competitive amid pricing weariness.

According to a news release, 1,500 goods have been discounted, with more coming this summer.

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

For over two years, consumers have faced the highest inflation in decades. Prices for groceries, household goods, and restaurants skyrocketed.

According to federal Labor Department Consumer Price Index (CPI) monthly data issued May 15, groceries decreased slightly in April after rising in March. Compared to last year, inflation jumped 3.4 percent.

Target has already reduced prices before Memorial Day.Red tags will signify decreased costs in-store and online for dozens of Target Good & Gather brand items and numerous national brands, including Clorox, Huggies, and Pepperidge Farm Goldfish.