Big stores slash prices to lure back grocery shoppers

After several years of increasing prices, this change is a welcome one. Despite grocery prices being 25% higher than they were at the beginning of 2020, according to the latest consumer price index, they actually decreased slightly in April compared to the previous month.

Shoppers have coped with high prices by switching retailers, brands, or other aspects of the food they purchase, says Joe Balagtas, a professor of agriculture economics at Purdue University. Now, with grocery prices generally decreasing, retailers are taking advantage of the opportunity to attract customers back.

“We find other ways to economize to the extent that it dips into retailers’ profits,” Balagtas says. “I think that could drive them to find ways to cut prices to make sure they’re drawing in budget-conscious consumers.”

Considering how much Americans typically spend on food—around 11% of their income in 2022, according to the Agriculture Department—lower prices will have an impact on shoppers and alleviate some financial stress for many people.

Below are some retailers where shoppers can find discounts on food and pharmacy items.

Aldi, which has benefitted from shoppers moving away from pricier grocery stores, will be lowering prices on over 250 items through Labor Day. Aldi estimates that these price cuts will save shoppers $100 million. The retailer did a similar initiative last year, estimating that their 2023 price cuts saved shoppers over $60 million.

Some of the items on discount at Aldi this summer include:

• Simply Nature: Chia Seeds – $4.89 (previously $5.45)
• Simply Nature: Organic Avocado Oil – $5.49 (previously $5.65)
• Season’s Choice: Frozen Blueberries (24 oz) – $3.59 (previously $3.99)
• Simply Nature: Organic Pinto/Kidney Beans – $0.99 (previously $1.16)

Amazon Fresh is reducing prices online and in-store on approximately 4,000 items, which will rotate weekly. Shoppers can expect discounts of up to 30% on various categories like meat, seafood, frozen food, dairy, beverages, snacks, and pasta.

Target will be lowering prices on around 5,000 items throughout the summer, particularly focusing on daily essentials like milk, meat, bread, fresh fruits and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, and pet food.

Some examples of items with price cuts at Target include:

• Good & Gather Unsalted Butter (1 lb) – $3.79 (previously $3.99)
• Good & Gather Organic Baby Spinach (5 oz) – $2.99 (previously $3.29)
• Prime Hydration Sports Drinks (16.9 fl oz) – $1.99 (previously $2.19)
• Jack’s Frozen Pepperoni Pizza (14.3 oz) – $3.99 (previously $4.19)

In addition to price reductions, Target has made changes to its free Target Circle membership by applying deals automatically at the register. The retailer is also catering to discount shoppers with a new store brand called Dealworthy, launched in February, where most products are priced at $10 or less.

In a recent announcement on May 29, Walgreens highlighted their ongoing effort to lower prices on 1,300 items since October 2023.

Price reductions will vary by location, with examples of items with lower prices including:

• One a Day 80 ct Men’s and Women’s Gummy Vitamins – $11.99 (previously $13.49)
• Always Pad Mod Regular (20 ct) – $6.99 (previously $7.49)
• Clean & Clear Foaming Facial Cleanser – $6.99 (previously $7.99)

Walmart has also increased its price cuts, with temporary lowered prices on 45% more grocery items compared to the previous year in April. Across the store, prices have been reduced on nearly 7,000 items.

In April, Walmart introduced the new BetterGoods brand, targeting price-conscious shoppers with food trends and dietary preferences in mind. The brand offers 300 grocery items that align with popular food trends and preferences, with most items priced at $5 or less.

This article, “Some Big Stores Are Cutting Prices to Woo Back Grocery Shoppers,” originally appeared on NerdWallet.