Target lowers prices on 5,000 consumer basics to counter inflation, following actions by McDonald's and Walmart.

Target is cutting prices on about 5,000 consumer basics, such as diapers and milk, to help shoppers cope with inflation. This move follows similar actions by McDonald's, who announced plans to introduce a $5 meal deal, and Walmart, which has seen strong quarterly sales driven by bargain hunters. Target's price reductions, which will take effect over the summer, aim to help consumers save millions on household essentials.