To reach buyers on a tight budget, Target announced it would cut prices on thousands of items, including staples like milk, butter, and diapers. The retailer has already cut prices on about 1,500 items, with more cuts planned.

“Still-high food prices and borrowing costs have made cash-crunched customers more conscious of their spending on pricey items and look for cheaper products in stores and online, forcing retailers to lower prices to get more consumers to their stores,” explained Reuters in its coverage of the news.

According to a company release, the items include milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food, and more.

"We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," said Rick Gomez, executive vice president and chief food, essentials and beauty officer, Target.

Some specifics:

• Good & Gather Unsalted Butter (1 lb) is now $3.79 (was $3.99).
• Good & Gather Organic Baby Spinach (5 oz) is now $2.99 (was $3.29).
• Prime Hydration Sports Drinks (16.9 fl oz) is now $1.99 (was $2.19).
• Jack's Frozen Pepperoni Pizza (14.3 oz) is now $3.99 (was $4.19).
• Thomas' Plain Bagels (20 oz) is now $3.79 (was $4.19).

Last week, several outlets reported that McDonald’s was contemplating a $5 value meal as a way to draw in customers who are struggling with the high cost of food. McDonald’s CEO Chris Kempczinski said the retailer would be “laser-focused on affordability.”