The growth rate of inflation in the United States has slowed down! Prices of many categories have dropped significantly

It is learned that Adobe recently released the latest inflation data for the US online retail market. According to the Adobe Digital Price Index (DPI), in October 2022, prices in the US online retail market fell 0.7% from the same period last year and increased 0.3% from the previous month. In September, prices fell 0.2% year-on-year and rose 0.8% month-on-month. Overall, the growth rate of inflation in the United States has slowed down.

The decline in online prices in October was driven by the electronics, computers, toys and sporting goods categories. Electronics, the category with the largest share of e-commerce spending, saw a 12.9% year-on-year price decline, mainly due to retailers' early promotions and discounts. Pre-holiday deals also drove down toy prices. On the other hand, the food and grocery categories also saw slower price growth in October.

Data showed that in October, 10 of the 18 categories tracked by the DPI saw year-on-year price increases. Among them, groceries saw the highest increase. Prices of eight categories fell, including electronics, jewelry, books, toys, electrical appliances, flowers and gifts, computers, and sporting goods.

In addition, prices increased in seven of the 18 categories tracked by the DPI compared to August. Prices decreased in 11 categories, including electronics, office supplies, jewelry, books, furniture and bedding, toys, home furnishings and garden, over-the-counter medicines, appliances, flowers and gifts, computers and sporting goods.

Important categories in Adobe's Digital Price Index in October:

• Electronics: Prices fell 12.9% year-over-year and 2.4% month-over-month, hitting a new year-over-year low for the category. October was the fourth consecutive month that prices for electronics fell faster than pre-pandemic levels, with the category falling 9.1% year-over-year between 2015 and 2019. Prices for electronics have continued to fall since December 2021 (down 2.6% year-over-year), falling 10% year-over-year in August and 11.3% year-over-year in September.

• Food and Grocery: Prices rose 14% year-over-year and 0.7% month-over-month, a slowdown that began in the previous month. From January 2022 (up 5.8% year-over-year) to September 2022 (up 14.3% year-over-year), this category set a new year-over-year high in every month except the most recent month (October 2022). Currently, food and grocery prices have risen for 33 consecutive months, but consumer interest in this category remains high.

• Computers: Prices fell sharply, down 16.4% year-on-year and 2.6% month-on-month, the largest drop since March 2020. This category has fallen faster than pre-epidemic levels for four consecutive months. Between 2015 and 2019, the computer category fell 9.2% year-on-year.

• Toys: Prices fell 7.1% year-over-year and 3.5% month-over-month, marking the 19th consecutive month of month-over-month declines. Driven by early holiday deals, October's price declines were larger than in previous months (-5.3% year-over-year in September and -4.5% year-over-year in August).

• Sporting goods: Prices fell 4% year-on-year and rose 0.3% month-on-month, hitting a new year-on-year low this year. This category rose sharply during the outbreak and reached its historical peak in September 2020 (up 15.8% month-on-month).

Editor ✎ Nicole/

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