According to Adobe, online inflation ticked down in June to 0.3% on an annual basis and dropped 1% month-over-month even as grocery prices continue to increase.
Consumers spent $74.1 billion online in June, up 1% year over year, Adobe reported. Consumers spent more than $451.7 billion online year-to-date, a 7.5% gain compared to the similar period in 2021. Grocery prices, however, gained at a record 12.44% rate set against those in June 2021, the company added.
Although it recorded a 25th month of inflation online on an annualized basis, June was the third month where online price increases have slowed, Adobe maintained.
A couple of key categories experienced decreasing prices. Electronics saw price decreases at 7.28% year over year and 1.34% month over month. Prices for apparel came in lower at 0.10% and 4.06%, respectively. Among categories that continue to post increases, grocery prices grew 12.44% year over year and 0.71% month over month as tools and home improvement prices grew 10.44% and 0.60% respectively, and pet products prices grew 11.3% and 2%.
Digital spending decreased in June versus April, at $77.8 billion, and May, at $78.8 billion. The Prime Day event, which historically has driven higher levels of overall online spending in June, occurred in July this year, Adobe pointed out.
