Target joins other retailers and other major businesses moving to slash prices as inflation-weary consumers grow thriftier.
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.
Although inflation continues to ease and overall consumer spending has remained solid this year, recent economic signals suggest Americans are becoming more frugal. The median rise in monthly household spending in April fell to 4.6%, the lowest reading in three years, according to data from the Federal Reserve Bank of New York.
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