Press release
Adobe Digital Price Index: Online Inflation Continues to Slow in May at 2.0%
Prices dropped 0.7% month-over-month; majority of product categories saw price decreases Consumers spent $78.8 billion online in May, over $1 billion more
About this update from Adobe Inc.
[{"type":"text","content":"\n\nPrices dropped 0.7% month-over-month; majority of product categories saw price decreases\n\n\nConsumers spent $78.8 billion online in May, over $1 billion more than the prior month\n\n\nFood costs remain high, with groceries overtaking apparel as top category for rising prices\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nAdobe (Nasdaq:ADBE) today announced the latest online inflation data from the Adobe Digital Price Index (DPI), powered by Adobe Analytics. In May 2022, online prices increased 2% year-over-year (YoY)—down from 2.9% YoY in April and the record 3.6% YoY increase in March—while decreasing 0.7% month-over-month (MoM). While this marks two full years of inflation online YoY, May is the second month where online price increases have slowed. The majority of categories tracked by the DPI (10 out of 18) saw MoM price decreases in May.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220609005263/en/(Graphic: Business Wire)\nPrices for electronics and apparel, major categories that made up 33% of e-commerce spend in 2021, have continued to draw down. Electronics prices were down 6.5% YoY (down 1.4% MoM), a greater decrease than April (down 5.2% YoY), and a record YoY low for the category over the last 24 months. Prices for apparel increased 9% YoY (down 1.5% MoM), down from the 12.3% YoY increase in April. Toys are down 6.5% YoY (down 1.3% MoM), a record low for the category over the last 24 months. Prices have not eased for groceries, rising 11.7% YoY (up 1.3% MoM), a record YoY high for the category. This is the first month where prices for groceries have risen the most of any category, overtaking apparel.\n\nIn May, consumers spent $78.8 billion online, which represents 7.1% YoY growth. It is over $1 billion more than the month prior, when consumers spent $77.8 billion online (4.5% YoY growth), and below the $83.1 billion (7% YoY growth) that was spent in March. In 2022 so far, consumers have spent a total of $377.6 billion online, growing 8.9% YoY.\n\n“Despite the modest increase in consumer spending online, an uncertain economic climate and rising costs in core areas like groceries are putting a hamper on overall demand,” said Patrick Brown, vice president of growth marketing and insights, Adobe. “Slower consumer spending on discretionary items has driven...