Target is reducing prices on over 5,000 frequently bought items, such as milk and diapers, to attract customers from Walmart.

With high food prices and borrowing costs, consumers are increasingly seeking cheaper options, prompting retailers to lower prices.

Facing stiff competition from Walmart, which offers lower prices and reports resilient consumer spending, Target aims to ease shoppers’ budget pressures.

Rick Gomez, Target’s chief food, essentials, and beauty officer, acknowledged the need to help consumers stretch their budgets.

Key items like meat, bread, fresh produce, soda, snacks, and yogurt will see discounts ahead of Memorial Day weekend, the Daily Mail has reported.

As Target prepares to report its quarterly results, it hopes these price cuts will improve its financial outlook.

The retailer’s stock has risen nearly 12 percent this year, and it has already lowered prices on 1,500 items, including frozen chicken and shredded cheese, with more reductions planned for the summer.

Written by B.C. Begley