Target announced Monday it will be slashing prices of roughly 5,000 frequently purchased items.

The costs of around 1,500 items have already been lowered, and the additional cuts will begin to go into effect as the warmer weather progresses, according to a release from the retail giant.

“Consumers will enjoy savings on everyday items such as milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more,” the release said.

“These price reductions will collectively save consumers millions of dollars this summer.”

Target prides itself on its “everyday low prices,” and these new cuts will ensure the corporation’s competitive place in the market, the release noted.

“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 at Target, said.

“Our teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs.”

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The approaching Memorial Day and Fourth of July holidays appear to serve as additional impetus behind the price cuts.

“These lower everyday prices are in addition to the separate Memorial Day discounts across the assortment to help consumers celebrate the holiday,” the release said.

Target’s initiative follows rival Walmart, which recently announced a new discount product line to help customers who have been struggling to make ends meet due to inflation.