Online prices began to ease in July — the first dip in two years — falling 1% from a year ago. The biggest drops were for electronics, apparel and toys, while prices for jewelry, books, computers, and sporting goods also declined.
Online shoppers are finally seeing lower prices for some goods, a sign the searing inflation that has scorched the U.S. economy may be starting to cool.
Prices for electronics including TVs, smartphones, tablets and cameras — the largest online spending category — have slid at an annual rate 9.3%, according to theInflation in other online categories remains red-hot. Grocery prices in July shot up by a record 13.4% from a year ago, the steepest for any category. The cost of online pet products rose 12.6%, in part because pet ownership became more popular during the pandemic, fueling demand for related products.
"We're also seeing demand come down because consumers have had to deal with price increases pretty significantly across the board in 2022," Pandya added."Retailers are seeing surpluses as consumers' budgets to spend more on discretionary items starts to get more limited." The cost of other products like sporting goods is coming down as Americans spend more time outside their home, freeing them to exercise outdoors or at the gym.
"Falling food commodity prices, a small decline in wholesale used car prices and purchasing manager reports showing slower growth in prices paid" suggest that July's monthly inflation numbers could be the lowest in over a year, he said Monday in a research note.
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