Target said it was cutting prices on 3,000 items by as much as 20% as consumers grapple with stubborn inflation.

Target is lowering prices on more than 3,000 items this spring, including clothing, home goods, baby products and select food ...

As Wednesday's CPI data shows inflation still above the Fed's goal rate, Target cuts prices on more than 3,000 spring essentials, including baby items, apparel and shoes.

With the U.S. being above the Federal Reserve’s 2% target for 5 years in a row, major retailers across the nation have taken a drastic approach amid increased competitive pressure.

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The price cuts come as the retail giant is trying to win back shoppers who have shifted to discount competitors.