According to a report published by DigiTimes today, Intel will "slash desktop processor prices by up to 15 per cent" in response to the competition. Sources in the Taiwanese motherboard market indicated that the pricing structure applied to Intel's 8th and 9th Gen processor will be adjusted down by between 10 and 15 per cent. Thus Intel processor prices could drop by as much as $75 at the higher end.
Looking at the Intel / AMD competitive history since the first Ryzen processors arrived this is the first time it has reacted in this manner - adjusting pricing of existing processor ranges. Previously you might see a reaction as it introduced a newer generation of processors at keener pricing.