Target to cut prices on 5,000 products in bid to lure cash-strapped customers

Target said Monday it plans to slash the price of bread, coffee, diapers and thousands of other everyday items this summer, joining other retailers looking to kickstart business by catering to inflation-weary consumers.

Target is cutting its prices because "consumers are feeling pressured to make the most of their budget," Executive Vice President Rick Gomez said in a statement. Other staples being repriced include fruit, milk, meat, peanut butter, pet food, vegetables and paper towels, the Minnesota retailer said. 

Target said it has already lowered the price on roughly 1,500 items, and the remaining cuts will take effect in coming weeks. The lowered prices will also be available through Target's website and shopping app.