Aldi cutting prices on hundreds of items to fight 'stubborn inflation'
Cost of groceries in March was up 21% compared with January 2021
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Discount grocer Aldi announced it is cutting prices on hundreds of items to help consumers contending with "stubborn inflation."
The grocery chain, with over 2,000 locations nationwide, is passing along $100 million in savings by slashing prices on more than 250 items through Labor Day.
The company said the announcement is building on its previous promise in May 2023 that it would help shoppers save more than $60 million by reducing product prices.
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The latest price reductions span several categories, from fresh fruit, bread and avocado oil to canned vegetables and meat.
The marketing move comes as food prices remain elevated and economists warn consumers that headwinds are likely to continue.
An Aldi store in Athens, Ohio. (Stephen Zenner/SOPA Images/LightRocket via Getty Images / Getty Images)
In March, food prices, a visceral reminder of inflation for many Americans, ticked up 0.1% over the course of the month. In total, the cost of groceries is up 1.2% from the same time last year and up a stunning 21% when compared with January 2021, shortly before the inflation crisis began.
"ALDI is always looking for ways to help customers save money, but 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, Aldi's U.S. president, said.
A promotional flyer is displayed at the entrance to an Aldi store location in Hackensack, New Jersey, on June 8, 2017. (Michael Nagle/Bloomberg via Getty Images / Getty Images)
In April, JPMorgan Chase CEO Jamie Dimon warned that several headwinds, including chronic inflation, would continue to pose a threat to the economy.
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"Many economic indicators continue to be favorable," the chief executive of America's largest bank said in a release announcing first-quarter earning results. "However, looking ahead, we remain alert to a number of significant uncertain forces."
He sounded the alarm about a "large number of persistent inflationary pressures" that may continue. While inflation has fallen considerably from a peak of 9.1%, progress has largely flatlined since the summer.
FOX Business' Megan Henney contributed to this report.