Online grocery prices rose a stunning 10.3% in March compared to a year ago, according to the Adobe Digital Price Index, as other necessities like clothing and nonprescription drugs also registered significant price increases.
The index overall showed “online prices fell 1.7% compared with March 2022 and remained flat from February 2023.” But everyday necessities such as food and drinks, clothing and pet products registered the worst inflation.
Adobe DPI reported significant, inflationary “Year over Year,” or YoY, price changes in the following seven categories:
- Groceries: up 10.3%
- Apparel: up 6.6%
- Tools and home improvement: up 5%
- Nonprescription drugs: up 6%
- Personal care products: up 4.4%
- Pet products: up 11.2%
- Medical equipment and supplies: 3.9%
“Consumers are increasingly buying more of their groceries online and this category has generally moved in lock step with the Consumer Price Index,” according to the Adobe release Monday. It said the DPI “provides the most comprehensive view into how much consumers pay for goods online,” complementing the conventional and much more familiar Consumer Price Index, put out by the Bureau of Labor Statistics, which looks at changes in offline prices.
The company reports on its findings regarding inflation and groceries: “Prices rose 10.3% YoY … but have slowed in the past six months, rising 11.4% YoY in February, 12.6% YoY in January, 13.5% YoY in December, 13.7% YoY in November and 14% YoY in October. In September, prices peaked, rising 14.3% YoY.”
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Epoch Times reported Tuesday, “The overall decline in prices was driven by sharp drops in discretionary categories like electronics, toys, and gifts … Electronics prices fell 12 percent year-over-year, while flowers and related gifts were down 24.3 percent, toys were down 6.6 percent, and appliances saw a 4.9 percent drop.”
“There was a 0.4 percent rise in the growth of food prices from February, which had been slowing since their height last September, when they hit a record 14.3 percent year-over-year increase,” ET reported, noting that “Adobe analyzed 1 trillion visits to retail sites and more than 100 million items across 18 product categories to track price changes.”
Generally, the DPI found inflationary increases for necessities shrinking in the year-over-year index, but that might not provide much comfort for Americans seeing their buying power continue to fall.
Here is Adobe’s analysis of clothing (apparel) price changes: “Prices were up 6.6% YoY (up 1.8% [month-over-month]). Although this is an uptick from the month prior — when prices rose 5.1% YoY in February 2023 — price increases for the category have cooled in recent months, rising 5.1% YoY in January and 0.9% YoY in December. Compare this to a year ago, when prices rose 15.8% YoY in January 2022 and 16.6% YoY in December 2021.”
Notable in its absence in the Adobe analysis is energy costs (not bought online, for the most part). And it is in this sector of the economy where conservative critics continue to assail the Biden administration’s “climate change”- and woke-driven priorities. On Tuesday, Florida Republican Congresswoman Kat Cammack went on Fox Business Network with host Kennedy to chastise “Backwards Biden,” as the latter tagged him, for pushing radical electric vehicle, or EV, mandates.
Tweeted Cammack: “Backwards Biden strikes again! The EPA’s latest policy proposal pushes the U.S. toward a majority of EV sales by 2032. With #Bidenflation at an all-time high and most Americans struggling to put food on the table, it only makes sense for this administration to push nonsense.”
Backwards Biden strikes again!
The EPA’s latest policy proposal pushes the U.S. toward a majority of EV sales by 2032. With #Bidenflation at an all-time high and most Americans struggling to put food on the table, it only makes sense for this administration to push nonsense. pic.twitter.com/PibHIYvvTn
— Kat Cammack (@Kat_Cammack) April 11, 2023
Content created by Peter LaBarbera
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