Target announced on Monday that it would be lowering its prices in the hope of stemming the negative impact of high inflation on its customers' spending, and therefore on its sales.

America's second-largest retailer, behind Walmart, said it was planning price cuts on some 5,000 fast-moving consumer goods such as milk, meat, soft drinks, fruit and vegetables, coffee and diapers.

The Minneapolis-based group, which is positioned in the discount segment, said the price cuts, which already affect 1,500 items, would be in addition to its usual policy of "low prices".

For example, the price of its Jack's pepperoni frozen pizza will fall from $4.19 to $3.99, Huggies baby wipes from $1.19 to 99 cents and Persil detergent from $13.69 to $12.99 per gallon.

Target estimates that this sales offensive should save its customers several million dollars over the summer, not only in the run-up to the Memorial Day and July 4th vacations, but also in the run-up to the next back-to-school period.

This initiative comes at a time when the retailer saw its like-for-like sales fall by 4.4% in its last quarter.

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