Instacart employees fulfill orders for delivery at the new Whole Foods Market store in downtown Los Angeles on Nov. 9, 2015. (Patrick T. Fallon/Bloomberg Photo via Getty Images) Online U.S. grocery prices surged year-over-year by 13.4 percent in July, beating the previous records of 12.4 percent in June, 11.7 percent in May, and 10.3 percent in April, according to the Adobe Digital Price Index released on Aug. 9.
Before the pandemic, online shopping was long immune to inflation , but since June 2020, online prices have persistently increased over a 25-month stretch, causing the U.S. economy to struggle in its recovery.
However, in July, total online prices declined 1 percent year-over-year and 2 percent from June, led by electronics, apparel and toys, after more than two years of inflation.
American consumers spent $73.7 billion online in July, down from $74.1 billion in June.
On a year-over-year basis, e-commerce expenditures in July grew 20.9 percent, led by the annual Amazon Prime Day, which drove record online sales for the retail industry overall.
E-commerce demand remains resilient on a year-to-date basis, with consumers spending $525.4 billion online in 2022 so far, growing 9.2 percent year-over-year.
The fall in online prices for July was led by a 9.3 percent year-over-year plunge in electronics prices, which is the category in which consumers spend the most, reported Adobe.
Online prices for toys tumbled by 8.2 percent in July, the largest drop since late 2019.Online apparel prices rose for 14 consecutive months until June, when they dipped 0.1 percent year-over-year, continuing in July with a drop of 1 percent year-over-year and 6.3 percent month-over-month.Although online prices have generally deflated, Adobe said that some categories other than groceries moved in the opposite direction.Prices for personal care products, office supplies, jewelry, books, furniture and bedding, home and garden, appliances, flowers and related gifts, computers, […]
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