As inflation surges, Adobe says online prices rise at record rates
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With inflation reaching rising at it highest level in four decades, Adobe (NASDAQ:ADBE) said Thursday that prices of many leading retail items are also continuing to rise at record rates.
Adobe (ADBE) said that its Adobe Digital Price Index [DPI] showed online prices in February rose 3.6% from a year ago. It was a record high for the index, and topped the previous year-over-year increase of 3.5% in November.
Adobe said it was the 21st-straight month of year-over-year inflation. The biggest gains came from tools, with prices rising 7.8%; Medical equipment and supplies, up 8%; groceries, which climbed 7.6%, and apparel, which saw prices in February soar by 16.7% over a year ago.
Of the 18 categories tracked by Adobe's (ADBE) DPI, 13 showed prices rising from February 2021. Declines came from electronics, jewelry, appliances, computers and medical equipment and supplies.
Adobe (ADBE) said is uses its machine-learning software and technology to curate data for its DPI, and that it models its data on the Bureau of Labor Statistics Consumer Price Index.
On Thursday, the CPI reported inflation in February as rising 7.9% from a year ago, and the most in 40 years.