Target is reducing prices on 5,000 common goods, including milk, butter and pet food

Target said Monday it is dropping the prices of 5,000 common items to help consumers save money.

There will be price reductions on items such as "milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more," the company said.

Target said it regularly updates its prices to stay competitive in its markets.

"We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," Executive Vice President Rick Gomez said.

The company has already cut prices on about 1,500 items and will continue to do so throughout the summer, including for Memorial Day, back-to-school season and Fourth of July, it said.

For example, in some areas, a 20-ounce package of Thomas' Plain Bagels is going from $4.19 to $3.79; a 75-count of Clorox Scented Wipes is going from $5.79 to $4.99; and a 1-pound container of Good & Gather Unsalted Butter is going from $3.99 to $3.79.

The personal consumption expenditures (PCE) price index, which the Federal Reserve uses to help measure inflation, was up 2.7% in March, compared to that time last year, according to the Bureau of Economic Analysis. The Fed typically likes to keep that number at 2%. [Copyright 2024 NPR]