The phrase "lower price" refers to a reduction in the cost or value of something. It means that the price of an item, service or commodity has been reduced from its original or standard rate. This can be done by the seller or supplier as a marketing strategy to attract more customers and increase sales volume. Lower prices are often associated with promotions such as discounts, coupons, seasonal offers, clearance sales, etc., which provide consumers with an opportunity to purchase products at a cheaper rate than usual.