Online prices in the US fell at the fastest pace in more than three years last month, in the latest sign that pandemic inflation is cooling off.
(Bloomberg) — Online prices in the US fell at the fastest pace in more than three years last month, in the latest sign that pandemic inflation is cooling off.
Prices of goods sold online fell 2.6% in June from a year earlier, according to data from Adobe Inc.
released Tuesday. It was the biggest drop since May 2020, and the 10th straight month in which there’s been a year-on-year decline. More than half of the 18 main categories tracked by Adobe showed prices falling on an annual basis.
The drop for appliances, at 8.3%, was the largest in data going back to 2014.
The declines were even sharper for prices of electronics and computers, which fell 12.9% and 16.9% respectively.
Annual price increases for online groceries slowed to 7.6% in June, down from 8.2% the previous month and 10.3% in March.
The Adobe Digital Price Index was developed with the help of economist Austan Goolsbee before he became president of the Federal Reserve Bank of Chicago this year.
The gauge analyzes 1 trillion visits to retail sites and more than 100 million items to track price changes.
Overall, the headline rate of inflation in the US has been cooling since it peaked above 9% in June last year.
The June consumer price index will be released Wednesday, and it’s forecast at 3.1%. Still, price pressures remain stubborn in some areas — especially for services, which aren’t captured in the Adobe measure.
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