Adobe Digital Price Index: Online Inflation Slows in June to 0.3%
- Online prices in June 2022 up 0.3% on annual basis, dropping
- $74.1 billion was spent online in June; over $451.7 billion
spent online year to date, growing 7.5% year-over-year
- Grocery prices continue to surge, hitting another record
high at 12.44%
Adobe (Nasdaq:ADBE) today announced the latest online inflation
data from the Adobe Digital Price Index (DPI), powered by Adobe
Analytics. In June 2022, online prices increased 0.3%
year-over-year (YoY) while decreasing 1% month-over-month (MoM).
While this marks the 25th month of inflation online YoY, June is
the third month where online price increases have slowed.
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Price Table Year over Year (Graphic:
Key categories including online electronics and apparel saw
price decreases, driving down online retail inflation overall.
Electronics experienced price decreases at 7.28% YoY (down 1.34%
MoM). Prices for apparel decreased 0.10% YoY (down 4.06% MoM),
significantly down compared to the 9.03% YoY increase in May.
Grocery, tools and home improvement, and pet products were
categories where prices continued to tick up. Grocery prices hit
record highs, increasing 12.44% YoY (up 0.71% MoM). Tools and home
improvement increased 10.44% YoY (0.60% MoM). Pet products
increased 11.3% YoY (increasing 2% MoM).
In 2022 so far, consumers have spent a total of $451.7 billion
online, growing 7.5% YoY. In June, consumers spent $74.1 billion
online which represents approximately 1% YoY growth. Online
spending decreased in June compared to April ($77.8 billion) and
May ($78.8 billion). The Prime Day event – which historically
drives higher levels of overall online spending within June will be
occurring in July this year.
The DPI provides the most comprehensive view into how much
consumers pay for goods online, as e-commerce expands to new
categories and as brands focus on making the digital economy
personal. Powered by Adobe Analytics, it analyzes one trillion
visits to retail sites and over 100 million SKUs across 18 product
categories: electronics, apparel, appliances, books, toys,
computers, groceries, furniture/bedding, tools/home improvement,
home/garden, pet products, jewelry, medical equipment/supplies,
sporting goods, personal care products, flowers/related gifts,
non-prescription drug and office supplies.
In June, 11 of the 18 categories tracked by the DPI saw YoY
price increases, with groceries rising the most. Price drops were
observed in seven categories: electronics, jewelry, books, toys,
computers, sporting goods and apparel.
Eleven of the 18 categories in the DPI saw price increases MoM.
Price drops were observed across seven categories including
electronics, office supplies, books, appliances, flowers and
related gifts, computers and apparel.
Notable categories in the Adobe Digital Price Index for
- Apparel: Prices were down 0.10% YoY (down 4.06% MoM) –
standing out as the category with most notable change in June. This
is the largest YoY drop for the category since March 2021, when
prices were down 3.4% YoY. Price decreases in this category are
helping drive down online retail inflation overall.
- Electronics: Prices continued to decrease 7.28% YoY
(down 1.34% MoM). This is the largest YoY decrease for the category
since May 2020, when prices were down 6.8% YoY. As the biggest
category in e-commerce by share of spend, price movements have an
outsized impact on overall inflation online.
- Groceries: Prices continued to surge and rose 12.44% YoY
(up 0.7% MoM), setting a new record on an annual basis. This
follows a series of record highs: 11.7% YoY increase in May, 10.3%
YoY increase in April, 9% YoY increase in March and a 7.6% YoY
increase in February. Groceries remains one of the main categories
to move in lockstep with the CPI on a long-term basis, with online
prices rising now for 29 consecutive months.
- Pet Products: Prices were up 11.35% YoY (up 2.01% MoM),
continuing to set record YoY highs for the category. Online
inflation for pet products has now been observed for 26 consecutive
months as consumers continue to bring pets home, boosting
- Tools and Home Improvement: Prices were up 10.44% YoY
(0.60% MoM), the highest increase for the category on an annual
basis. June also marks the 19th consecutive month of YoY inflation
for the category.
The DPI is modeled after the Consumer Price Index (CPI),
published by the U.S. Bureau of Labor Statistics and uses the
Fisher Price Index to track online prices. The Fisher Price Index
uses quantities of matched products purchased in the current period
(month) and a previous period (previous month) to calculate the
price changes by category. Adobe’s analysis is weighted by the real
quantities of the products purchased in the two adjacent
Powered by Adobe Analytics, Adobe uses a combination of Adobe
Sensei, Adobe’s AI and machine learning framework, and manual
effort to segment the products into the categories defined by the
CPI manual. The methodology was first developed alongside renowned
economists Austan Goolsbee and Pete Klenow.
Adobe is changing the world through digital experiences. For
more information, visit www.adobe.com.
© 2022 Adobe. All rights reserved. Adobe and the Adobe logo are
either registered trademarks or trademarks of Adobe in the United
States and/or other countries. All other trademarks are the
property of their respective owners.
version on businesswire.com: https://www.businesswire.com/news/home/20220712005535/en/
Public relations contacts Erin Di Leva Adobe
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