Target announced today that around 5,000 of its frequently shopped items will see prices reduced in the coming weeks. The prices on about 1,500 items have already been cut, and all the remaining price changes will be in place by the end of the summer.

"These price reductions will collectively save consumers millions of dollars this summer," Target said in a news release, but it's also a way for the retailer to stay competitive within the market.

Among the items discounted will be food products, Memorial Day items, things for Fourth of July fun and of course, back-to-school gear.

A sample of Target's discounted items

Here are some examples of price cuts already made and what categories will continue to see reductions:

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• Good & Gather Unsalted Butter (1 lb) - $3.99 to $3.79 
• Good & Gather Organic Baby Spinach (5 oz) - $3.29 to $2.99
• Prime Hydration Sports Drinks (16.9 fl oz) - $2.19 to $1.99
• Jack's Frozen Pepperoni Pizza (14.3 oz) - $4.19 to $3.99
• Thomas' Plain Bagels (20 oz) - $4.19 to $3.79 
• Pepperidge Farm Goldfish Cheddar Flavor Blasted Crackers (6.6 oz) - $2.99 to $2.79 
• Good & Gather Sea Salt Roasted Nuts (9.5 oz) - $6.89 to $5.29
• Clorox Scented Wipes (75 ct) - $5.79 to $4.99 
• Huggies Baby Wipes (16 ct) - $1.99 to $.99 
• Aveeno SPF 50 Sunscreen (3 fl oz) - $13.89 to $13.19  
• Persil Liquid Laundry Detergent (100 fl oz) $13.69 to $12.99
• Purina One Chicken & Gravy Cat Food (13 oz) - $2.39 to $1.99 

If an item has a new price, it will have an easier to decipher red tag on it in stores and online.

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

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Aldi lowers prices on over 250 food items

Aldi will also be cutting prices this summer on around 250 of its items, the grocer said in a release earlier this month.

“With more experts warning of persistent inflation, the time was right to deliver even greater discounts on our already low prices for the second year in a row," Dave Rinaldo, president at Aldi U.S., said in a statement.

According to a news release, Aldi will drop prices on seasonal items like "picnic necessities, BBQ essentials, travel-ready snacks and better-for-you foods."

“We don’t want food prices to hold people back from getting together with friends and family or spending time outdoors this season," Rinaldo said.

Contributing: Julia Gomez