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It's on sale.
Discounted.
Prices have been reduced.
A salesclerk claims his store is offering big savings on everything in stock, when only a few select items, as it turns out, are marked down.
They were then told the price had been reduced.

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Open the tool →降价了 (jiàng jià le) means “the price dropped, it's on sale, Discounted, Prices have been reduced”.
降价了 is pronounced jiàng jià le in Mandarin Chinese.
“The price dropped.” is 降价了 (jiàng jià le) in Chinese.
This page has 2 example sentences using 降价了, each with pinyin and an English translation.