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The phrase "a Reduction of costs" is correct and usable in written English.
It can be used in contexts discussing financial savings, budgeting, or efficiency improvements within a business or organization.
Example: "The new strategy implemented by the management resulted in a significant reduction of costs, allowing for increased profitability."
Alternatives: "a decrease in expenses" or "a cut in costs."
Exact(26)
Radio Shack attributed the gain to a reduction of costs, which countered declining sales.
For the data centre businesses: (a) Reduction of costs and therefore prices.
This not only resulted in a reduction of costs, but also less CO2 emissions.
That is, there is an appreciable gain of time and a reduction of costs without any loss of quality.
It seems plausible that a reduction of costs (through a decline in employer-financed training) has helped to maintain the size of the workforce.
Likewise, these technologies have become extremely useful tools in rehabilitation, and they are expected to permit a reduction of costs in socio-sanitary environments.
Similar(34)
One way being explored by some pension funds is a reduction of cost-of-living increases.
Use of this lognormal model could result in more rapid advances in cancer treatment and have the potential benefit of a reduction of cost in cancer research.
These authors also observed lower parathyroid hormone (PTH) levels, fewer side effects and a reduction of cost as compared with calcitriol or analogues or calcimimetics [ 6].
Some problems may not hinder performance of the product, but anything that makes it less than mint condition should result in a reduction of cost.
Therefore, in the light of ever increasing energy costs, improved façade design can contribute to a reduction of operational costs.
More suggestions(1)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com