After a years-long run up in prices that’s caused many to pull back on spending, things are finally beginning to get cheaper. Target is slashing prices on 5,000 items, including Persil laundry detergent by 5 percent, Clorox wipes by 14 percent and Purina One cat food by 17 percent. “Retailers overreached when they started jacking up prices,” said Mark Cohen, director of retail studies at Columbia Business School. Arts and crafts chain Michaels says it’s slashing prices on 5,000 items including stickers, canvases and T-shirts. The spate of lower prices, combined with slowing spending, suggests the economy is losing some steam after last year’s rapid momentum.

Source: Washington Post June 12, 2024 00:34 UTC