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The phrase "reduction in prices" is correct and usable in written English.
You can use this phrase to refer to a decrease in prices, typically due to a decrease in the cost of goods or services. For example, "The store is offering a reduction in prices for the next three days."
Exact(34)
Any reduction in prices is not expected to be substantial.
It has been revealed that Tata is also seeking a 30 per cent reduction in prices from all its suppliers.
A reduction in prices to certain tickets will hit revenue but garner a bit of good will among fans.
But there wasn't a reduction in prices, which range from $525,000 for studios to $3.42 million for penthouses.
A solution could come from a significant reduction in prices, which could entice more buyers and eventually help to reduce inventories.
Mines are expensive to open and close, and only an even deeper and more lasting reduction in prices would nudge them to start cutting production.
Similar(22)
So a 10% reduction in price will lead to a 3.5 to 4.3% increase in consumption.
The reduction in price is based on the car's loss in value as a result of the defect.
"It's going to take at least a couple of years to see a significant reduction in price".
When all else fails you can always offer a reduction in price in exchange for a much quicker payment.
This leaves a shortfall of 72m tonnes, which would cost approximately $1bn, again assuming no reduction in price per tonne.
More suggestions(17)
diminution in prices
reduction in supply
reduction in inflation
reduction in wheat
reduction in fare
reductions in prices
decreases in prices
reduction in premium
reduction in rate
reduction in pricing
decrease in prices
deflation in prices
reduction in preferences
declines in prices
reduction in cost
price reduction
reduction in rates
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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