Online grocery prices in the U.S. have significantly declined, falling by 4.4% over the past year. This drop is the largest since Adobe’s 2014 survey inception.
In August alone, online grocery prices dropped by 3.7%, marking the most substantial monthly decrease since the survey began. The data, reported by Bloomberg News, underscores a notable trend of falling prices, with a 24-month streak of year-on-year declines as tracked by Adobe’s Digital Price Index (DPI).
Groceries account for approximately 8.6% of the official inflation measure in the United States, reflecting their importance in household budgets. The recent price reduction could stabilize the U.S. economy as it continues to recover from COVID-19 and the associated inflationary pressures that surged in 2020.
As a result, grocery prices have emerged as a key issue in the upcoming U.S. presidential election in November. Former President Donald Trump pointed out that the cumulative growth of grocery prices has reached over 20% since President Joe Biden took office. Vice President Kamala Harris’s campaign has promised measures to prevent price gouging on groceries.
Meanwhile, according to the New York Federal Reserve-released survey, the median grocery price growth rate over the next year is 4.4%, nearly at the same level as before the COVID-19 pandemic.
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