Online grocery prices dropped 0.1 percent month-to-month in October, and posted a 0.1 percent drop from a year ago, according to the Adobe Digital Price Index.
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Conway Gittens: Investors took a pause Tuesday from the heady buying they’ve been doing since Donald Trump’s re-election victory. Quarterly earnings from Live Nation helped that stock buck the market’s malaise. The live venue company said it “wrapped up our most active summer concert season ever,” as part of mixed third-quarter results.
The big focus Wednesday will be on inflation. The consumer price index for October is due.
Ahead of that, there are promising signs that food inflation may finally be starting to ease. Online grocery prices dropped 0.1 percent month-to-month in October, and posted a 0.1 percent drop from a year ago. According to the Adobe Digital Price Index, that is the first year-over-year drop in the cost of food since January 2020.
While that’s a far cry from the 5.2 percent year-over-year surge seen at the peak of October 2020, consumers are still struggling to keep up with elevated food costs. Food inflation has been stubborn as prices for other items began to ease. Many Americans turned to buying groceries, and other things, online to make dollars stretch. “Consumers continue to see good bargains online and are taking advantage of them, driving $82 billion in e-commerce spend for October 2024,” says Vivek Pandya, Adobe Digital Insights lead analyst.
The relief from high food prices comes just in time for the crucial end-of-the-year gift buying season. Retailers hope the money saved on food will be used to buy gifts. The National Retail Federation expects average holiday spending to hit a record of $902 per person.
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