Media Alert: Adobe Digital Price Index: Online Prices Fall 1.4% In February; Rising Food Costs Continue To Cool

Adobe (Nasdaq:ADBE) announced the latest online inflation data from the Adobe Digital Price Index (DPI), powered by Adobe Analytics. Online prices in February 2023 fell 1.4% year-over-year (YoY), marking the sixth consecutive month of a YoY price decrease, with over half of the categories (10 of 18) tracked by Adobe seeing falling prices on an annual basis. On a monthly basis, online prices in February fell 0.3%.

February’s YoY price decline was primarily driven by sharp drops in discretionary categories including electronics (down 12.6% YoY, down 1.7% MoM), computers (down 16.4% YoY, down 1.4% MoM) and toys (down 6.5% YoY, down 0.4% MoM). Consumers also saw prices fall YoY for home goods: Appliances were down 3.8% YoY (down 1.8% MoM), while home/garden products fell 3.8% YoY (up 0.2% MoM). The furniture/bedding category fell for the first time after rising for 33 consecutive months, dropping 0.1% YoY (down 0.6% MoM).

In certain categories with persistent inflation, YoY price increases have slowed in recent months. Grocery prices were up 11.4% YoY (up 0.8% MoM), down from January 2023’s 12.6% YoY increase. This marks the fifth consecutive month where YoY price increases for groceries have decelerated from September’s record high, when prices rose 14.3% YoY. In the apparel category, prices were up 5.1% YoY (up 0.3% MoM); Contrast this with February 2022, when apparel prices were up 16.7% YoY. In another category such as tools/home improvement, prices rose 6.2% YoY (flat MoM), down from January 2023’s 6.9% YoY increase and December 2022’s 8.3% YoY increase.
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