Target is cutting prices on up to 5,000 items to lure back inflation-weary shoppers

Target has slashed prices on more than 1,500 popular items beginning immediately, ranging from butter to laundry detergent, as the retailer attempts to attract inflation-wary shoppers turned off by high prices.

Target has slashed prices on more than 1,500 popular items beginning immediately, ranging from butter to laundry detergent, as the retailer attempts to attract inflation-wary shoppers turned off by high prices. Prices have dropped effective Monday, with “thousands more price cuts” — amounting to 5,000 items — being reduced over the summer, the retailer announced. The lower prices will aim to “collectively save consumers millions of dollars” on household staples and everyday items such as milk, fresh fruit, diapers and even pet food. The changes affect name brands, like Clorox and Prime energy drink, as well as its house brands. Although prices vary depending on city, Target highlighted some examples with a 75-count canister of Clorox wipes being reduced to $4.99 from $5.79 and one pound of unsalted butter from its Good & Gather brand dropping to $3.79 from $3.99. Other major retailers, like Ikea and Aldi, have been reducing prices in recent months in an attempt to re-attract consumers into stores and entice them to spend money, since many have slashed their spending because of inflation. Shoppers have pulled back for a year now as costs have risen 20% to 30% higher than they were three years ago and as incomes failed to keep up, Sarah Wyeth, managing director, retail and consumer with S&P Global Ratings, recently told CNN. Retail sales growth has taken a hit because of high prices: Last month, retail sales were unchanged from March, when spending increased by a downwardly revised 0.6%, the Commerce Department recently reported.