Target to reduce prices of 5,000 common items like milk, butter and pet food: NPR

Customers shop at a Target store in Miami on Monday.

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Joe Radle/Getty Images

Customers shop at a Target store in Miami on Monday.

Joe Radle/Getty Images

Target said Monday it will cut prices on 5,000 common items to help consumers save money.

There will be price reductions on items such as “milk, meat, bread, soda, fresh fruits and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more.” The company said.

Target said it constantly updates its prices to stay competitive in its markets.

“We know consumers are under pressure to stretch their budgets, and Target is here to help them save even more,” said Rick Gomez, executive vice president.

The company has already cut prices on about 1,500 items and will continue to do so throughout the summer, including Memorial Day, the back-to-school season and the Fourth of July, it said.

For example, in some areas, a 20-ounce package of Thomas Plain Bagels is down from $4.19 to $3.79; 75-count Clorox scented wipes down from $5.79 to $4.99; And 1-pound Good & Gather unsalted butter is down from $3.99 to $3.79.

The Personal Consumption Expenditure (PCE) price index, which helps the Federal Reserve measure inflation, It increased by 2.7% in March, compared to the same time last year, according to the Bureau of Economic Analysis. The central bank generally prefers to keep that number around 2%.

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