Amazon.com Inc. is planning to cut prices on hundreds of items at Whole Foods stores this week, as the e-commerce giant seeks to change the chain’s high-cost image amid intense competition among grocers.

The price cuts affect more than 500 products and include a focus on produce and meat, according to documents viewed by The Wall Street Journal. The move comes after Whole Foods raised prices on select items in February, mostly consumer products, as suppliers increased their prices because of higher transport and ingredient…

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