According to fresh data that provided evidence of the momentum Federal Reserve policymakers envision lowering overall inflation, prices for online items in the United States decreased 1% in January compared to the prior year, the fifth consecutive monthly reduction.
Patrick Brown, Adobe’s vice president of growth marketing and insights, predicted that competition for online sales and the impact of inflation on consumers will persist, reported Reuters.
“Current demand levels are driving retailers to hold prices down and continue to clear out excess inventory,” Brown said.
Based on the same categories of goods as the US Labor Department’s Consumer Price Index, Adobe’s Digital Price Index increased month over month from December to January due to strong holiday discounting.
However, according to data published by the US software company, year-over-year price cuts for goods have helped drag total inflation measures lower.