Target cutting prices on thousands of items

(KTLA) - Target is cutting prices on thousands of items as it acknowledges that shoppers are increasingly struggling with inflation, the company announced Monday.

In a statement, Target said the price cuts affect approximately 5,000 “frequently shopped items,” including meat, milk, bread, fresh fruit, pet food and soda, and such non-perishable products as paper towels and diapers.

Prices have already been reduced on about 1,500 items, the company said.

"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."

The company said the price reductions will collectively save shoppers millions of dollars.

Some examples Target provided include Good & Gather Unsalted Butter, which was $3.99 and is now $3.79. Thomas’ Plain Bagels went from $4.19 to $3.99, the price of Clorox Scented Wipes went from $5.79 to $4.99, and Huggies Baby Wipes went from $1.19 to $0.99.

“These lower everyday prices are in addition to the separate Memorial Day discounts across the assortment to help consumers celebrate the holiday,” Target’s statement read.

In the 12 months ending in April, the U.S. inflation rate was 3.4%, well above the Federal Reserve’s target of 2%, and Americans are feeling the impact in virtually every sector of the economy.

“The ‘budget conscious consumer’ is no longer just low- or middle-income earners,” Chad Lusk, a retail analyst at global consultancy firm Alvarez & Marshal, recently told CNN. “By far the starkest decrease in intent to spend is coming from the higher-income groups, and those that were previously the most immune to an economic downturn are now tightening their belts.”