By Denny Jacob


Target said it will lower prices on about 5,000 frequently shopped items, with the lower prices reflected on items including milk, meat, bread, fresh fruit and vegetables, and pet food, among others.

The retailer said it reduced prices on about 1,500 items, with the remaining portion planned to take place over the course of the summer. The

Target's price reductions come ahead of Memorial Day weekend and other key points in the summer when consumers tend to spend more including July 4th and the back-to-school season. The company said its lower prices are in addition to separate Memorial Day discounts.

Consumers have been dealing with sticky levels of inflation, though recent data indicated it's begun to ease further. The consumer-price index, a gauge for goods and service costs across the U.S. economy, rose 3.4% in April from a year ago, the Labor Department said last week. Core prices that exclude volatile food and energy items climbed 3.6% annually, the lowest increase since April 2021.


Write to Denny Jacob at denny.jacob@wsj.com


(END) Dow Jones Newswires

05-20-24 0648ET