The cost of goods sold online in the US fell 1.6% in July from a year earlier, the 11th straight such decline.
(Bloomberg) — The cost of goods sold online in the US fell 1.6% in July from a year earlier, the 11th straight such decline.
Categories such as appliances, furniture and bedding, electronics, and computers showed sharp price drops from a year ago, according to data from Adobe Inc. released Tuesday. The data aren’t adjusted for inflation.
On a monthly basis, prices for groceries and non-prescription drugs continued to increase in July, though prices fell for the other 16 categories tracked by Adobe. This is the largest breadth of declines since November 2020, when 17 of 18 categories dropped in price from a month earlier.
Adobe’s Digital Price Index looks at how much consumers pay for goods online by analyzing 1 trillion visits to retail sites and over 100 million items. The gauge was developed with the help of economist Austan Goolsbee before he became president of the Federal Reserve Bank of Chicago this year.
Prices paid by consumers, as measured by the Bureau of Labor Statistics, started a sharp rise in early 2021 before the pace started to slow about 18 months later.
The data precedes Thursday’s release of the July consumer price index, which is forecast to show an inflation rate of 3.3%, down from 8.5% a year ago.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.