Target to lower prices on about 5,000 basic goods as inflation sends customers scrounging for deals

Target plans to cut prices on thousands of consumer basics this summer, from diapers to milk, as inflation cuts into household budgets and more Americans pay closer attention to their spending.

The price cuts on as many as 5,000 food, beverage and household essential items announced Monday is a bid by Target to cater to customers who increasingly have deployed a mix of strategies to find relief at the register, including trading down to private label products, forgoing impulse buys, using coupons and waiting for deals.

Last week McDonald's said that it was planning to introduce a $5 meal deal in the U.S. next month to counter slowing sales and customers’ frustration with high prices. Walmart posted strong quarterly sales last week, driven by a influx of customers looking for bargains.

Target Corp. said Monday that the lower prices will roll out over the summer on national brands and its own house brands.