With new inflation numbers showing a very minor lessening of increased costs, more Americans are looking for ways to spend money.
Inflation across the U.S. on May 11 weighed in at 8.3%, slightly down from the 8.5% consumers saw in April.
The inflated prices of goods and services has affected most major sectors — everything from a gallon of milk to large purchases like vehicles and electronics has largely given buyers increased sticker shock.
Part of the issue has to do with supply chains still upended by the pandemic, but a confluence of labor shortages, a white-hot housing market and slow action from regulators have all created a perfect storm for working families, who are spending more than they have in decades on things like durable goods.
Now, however, it seems there is a bright spot.
Here's Where Inflation Isn't As Bad
Even as prices have risen, in some cases gradually and in the case of gasoline, dramatically, people have continued to shop online.
The price of online products dropped from a record 3.6% year-over-year increase in March to a 2.9% year-over-year increase in April.
While that’s likely of little concern to people who have been feeling the pinch in their wallets lately, it does show some bright spots.
According to Adobe's latest Digital Price Index, it seems people have been just sucking up the cost, especially when it comes to their online spending.
Even as prices have gone up, Adobe (ADBE) found that people have continued to shop online.
In April, consumers spent $77.80 billion online, a 4.5% increase from April of last year.
In January, U.S. online spending doubled at 12.2% to $71 billion from the same point last year, and grew 15.5% year over year to $67 billion in February.
What Products Grew The Most During Inflation?
Adobe’s Digital Price Index is modeled after the Consumer Price Index, and uses a combination of Adobe’s AI, machine learning and expertise to track online prices.
Here are some key takeaways from their April report, about which categories saw the most increase.
1. Apparel prices went up 12.3% year over year in April.
From November 2021 to March 2022, prices increased by more than 15.7% year over year each month, well above the 12.3% year in April. Tough news for people who like to wear clothes.
2. Groceries prices rose a dramatic 10.3% year over year in April, a record high.
This follows a 9% year-over-year increase in March, a 7.6% year-over-year increase in February, and a 5.8% year-over-year increase in January, all record highs.
Online prices for groceries have now been rising for 27 consecutive months. Tough news for people who like to eat food.
3. The price of pet products were up 8% year over year in April, the highest increase for the category all year.
Online inflation for pet products has now been in effect for two full years — the previous high point was a 7.8% increase in September 2020.
