Target Announces Price Reductions Amid Still-Elevated Inflation

May 22, 2024

We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more.

Target’s executive vice president and chief food, essentials and beauty officer, Rick Gomez, as the retail company announced it will decrease prices on thousands of items throughout this summer, an action Target says will “save consumers millions of dollars …”

Why It Matters: On Monday, Target announced it has applied price reductions to 1,500 items (including organic baby spinach, unsalted butter and pepperoni pizza). The number will grow to 5,000 products in stores nationwide and online this summer, including “everyday items such as milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more.” This announcement comes as still-elevated inflation impacts many Americans, and follows the company’s “first annual decline in sales in seven years,” which was reported in March (The Associated Press).

More News: On Wednesday, Target announced data on its first-quarter earnings, reflecting an approximately 3% decrease in overall sales over the past year. 

Read More: Target is cutting prices on 5,000 items including milk, butter and pet food (NPR)

Target shares tumble 10% as consumers buy fewer groceries and home goods (CNBC)

Photo Credit: Shabaz Usmani via Unsplash

by Leah Grainery, based in Texas