Holiday Discounts on Electronics Drive Drop in US Online Prices
2022.11.10 11:43
(Bloomberg) — Prices of goods sold online in the US declined for the second consecutive month in October, led by a record fall in the prices of electronics as early holiday discounts kicked in, according to Adobe Inc (NASDAQ:).
October online prices fell 0.7% from a year earlier, Adobe said Thursday, following a 0.2% slide the previous month.
Online prices of electronics dropped 12.9%, the largest decline of any of the 18 categories tracked by Adobe in records since 2014. Computers, toys and sporting goods also slid.
Grocery prices rose for a 33rd consecutive month, gaining 14% from a year ago, a slight deceleration from 14.3% in September.
In total, 10 categories in Adobe’s Digital Price Index saw gains, including products for pets and for home improvement. The index rose 0.3% month-on-month.
The Federal Reserve Bank of Cleveland “nowcast” expects that the October consumer price index, scheduled to be released on Thursday, rose 8.1% from a year earlier.
©2022 Bloomberg L.P.
