Clothes prices fell 1% in the past 12 months and 6.3% in July compared to June. Anticipating people to start shedding their pandemic sweatpants, retailers such as Target, Gap and Walmart have been stocking up, some of which are unloading online.
Online grocery prices, like grocery store prices at the supermarket, soared in July, Adobe says. Food prices have jumped 13.4% in the past 12 months, a record for the category. Online grocery prices have increased over the past 30 months, according to Adobe.
Animals products grew by 12.6%, also a record for the category. Many people have adopted pets during the pandemic, and demand for all things pet has remained high.
behind the numbers
Adobe’s DPI and BLS’s CPI have significant differences. The DPI looks at data from one trillion visits to retail sites and measures 18 product categories. The IPC uses surveys and personal visits to stores by data collectors. The CPI collects around 94,000 prices per month through its commodity and services survey alone and measures eight major categories.
The main absentees from the DPI are gas and other energy products, which represent 9.2% of the CPI, as well as housing, which represents 32% of the CPI. Energy prices were 32.9% higher in July 2022 than they were in July 2021, according to the BLS, even though the price of gas fell 7.7% in July, compared to one year earlier. Housing costs have risen 5.7% over the past 12 months, according to the BLS.
Another factor weighing more on digital commerce than the generalized CPI is Amazon’s Prime Day, which was held in July and featured price cuts on thousands of items sold online. It has recently been linked with similar online sales from other retailers. Overall, however, e-commerce sales fell $400 million in July, a sign that consumers are being bitten by high gas and food prices.