Costco Dropped Prices on 5 Beloved Essentials — Here's What You Need to Snag

Costco's most recent earnings call revealed the warehouse chain is lowering prices on Kirkland Signature grocery staples. According to CFO Gary Millerchip, the Costco private label brand is growing faster than the overall business and they saw increased profits by lowering the price of some key staples last quarter.

It's no surprise that lowering prices caused more customers to switch to Costco for grocery essentials like chicken. Continually rising grocery prices for the past few years have left shoppers buying less to stay within budgets that have not grown in line with costs. Many shoppers believe Kirkland Signature brand products are one of the key features to unlock the true value of their memberships . See which items are dropping in price next.

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Kirkland Signature Standard Foil

Courtesy of Costco

Old price: $31.99

New price: $29.99

If you tear through tin foil frantically, you'll love the price drop on buying in bulk. These rolls come larger than your typical grocery store carries, so they will last a long time in your home kitchen.

Kirkland Signature Macadamia Nuts

Courtesy of Costco

Old price: $18.99

New price: $13.99

Hawaii was the first place to commercially produce macadamia nuts, and their popularity has only grown since then. If you love sprinkling these exotic nuts in trail mix or cookies, you'll be excited about the steep price drop.

Kirkland Signature Olive Oil, 3 L

Courtesy of Costco

Old price: $38.99

New price: $34.99

Costco is shaving a couple of dollars off their store-brand Spanish olive oil. Any chef knows this is an important cooking oil and a staple in salad dressings.

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Kirkland Signature Baguette 2-Packs

Sergey Ryzhov

Old price: $5.99

New price: $4.99

Personally, I can't buy baguettes without feeling like I'm in the opening of Disney's classic "Beauty and the Beast." This bakery staple is dropping a dollar in price, so it's a little more affordable to keep in your bread basket now.

Kirkland Signature Laundry Detergent Pacs

Courtesy of Costco

Old price: $19.99

New price: $18.99

The price drop in laundry detergent packs is due to a switch from a rigid plastic tub to a resealable soft plastic pouch. If you prefer that method of storage between laundry loads, hang on to that old tub to refill.

Bottom line

The Costco earnings call specified that these are only a few examples, and many other Kirkland Signature products will also see prices lowered for consumers.

The company's chief financial officer, Gary Millerchip, also acknowledged the price reductions to add further value to membership costs, as many shopping-savvy members were upset to see the price of joining go up this year.

Money tips that can work for everyone

No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.

Focus on paying off your debt. Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.

Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.

Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).