In May, prices increased 2% compared with the same time a year ago. However, that’s down from April’s price increase of 2.9% year over year and March’s record price increase of 3.6% year over year, according to a new report by Adobe Analytics.
May marked the second month when online prices slowed and many of the product categories tracked by Adobe even saw price decreases, according to Adobe’s Digital Price Index.
For instance, online prices for electronics in May were down 1.4% from April. Likewise, May prices for apparel decreased 1.5% month over month, according to data tracked by Adobe. However, prices for essential items such as groceries rose 1.3% from April.
Adobe’s Digital Price Index, according to Marshall Reinsdorf, a former senior economist at International Monetary Fund, “is a timely indicator that often mirrors inflation movements happening offline while highlighting the tendency for inflation to be lower in the digital economy.”