Daily Times

Online prices for consumers slowed in June, with electronics and apparel seeing price decreases, according to Adobe Analytics.

Adobe’s Digital Price Index (DPI) shows prices for online goods grew 0.3pc on an annual basis, but decreased 1pc on a month-over-month basis. June is the third month when online prices have slowed.

Electronics and apparel took a hit, with prices in those categories decreasing 7.4pc and .10pc YoY respectively. Apparel costs for consumers decreased 4.06pc from the prior month. The decrease in these two categories is helping drive down overall online inflation.

The data coincides with recent guidance from retailers highlighting inventory gluts. Shoppers have been spending more on services instead of at-home items as the pandemic wanes. Additionally, consumers are also more strapped for cash when it comes to discretionary items because they’re paying more for gasoline and food.

The DPI shows grocery prices hit record highs in June, surging 12.44pc YoY. Other categories which also increased include pets products and tools & home improvement, spiking 11.3pc and 10.44pc YoY respectively.

Consumers have so far spent 7.5pc more in 2022 compared to the same period last year. Amazon’s (AMZN) Prime Day, which tends to drive more online spending, will take place this month. Adobe Analytics data looked at one trillion online visits to retailers and over 100m SKUs within 18 product categories.

The data comes ahead of the government’s Consumer Price Index read on Wednesday. Economists expect to see inflation rise 8.8pc for the month of June compared to last year.