2023-07-11 14:20:23
U.S. online prices fell last month at their fastest pace in nearly three years. This is another sign that inflation caused by the coronavirus pandemic is slowing.
Prices for goods sold online fell 2.6% in June compared to the same month last year, Adobe data released Wednesday showed. It was the sharpest decline since May 2020, and it was the 10th consecutive month of negative growth on a year-on-year basis. More than half of the 18 major categories tracked by Adobe saw price declines on an annual basis.
Deflationary Online Goods
Online prices have fallen for 10 consecutive months, dropping 2.6% in June
Source: Adobe Digital Price Index
Home appliances fell 8.3%, the biggest drop in data going back to 2014. Electronics and computers fell even more, dropping 12.9% and 16.9%, respectively.
Online grocery prices rose 7.6% in June, slowing from 8.2% the previous month. It was up 10.3% in March.
The Adobe Digital Price Index was developed with the help of Austan Goolsby before he took over as Chicago Fed President this year.
news-rsf-original-reference paywall">Original title:US Online Prices Are Falling at the Fastest Pace Since May 2020(excerpt)
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