Food prices see first drop since the pandemic began

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why food prices saw their first drop in more than four years.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04Investors took a pause Tuesday from the heady buying they've been doing

00:08since Donald Trump's re-election victory.

00:10Quarterly earnings from Live Nation helped that stock buck the market's malaise.

00:14The live venue company said it, quote,

00:16wrapped up our most active summer concert season ever

00:20as part of mixed third-quarter results.

00:23The big focus Wednesday will be on inflation.

00:26The Consumer Price Index for October is due.

00:29Ahead of that, there are promising signs

00:31that food inflation may finally be starting to ease.

00:35Online grocery prices dropped 0.1% month-to-month in October

00:39and posted a 0.1% drop from a year ago.

00:43According to the Adobe Digital Price Index,

00:45that is the first year-over-year drop in the cost of food since January 2020.

00:52While that's a far cry from the 5.2% year-over-year surge

00:56seen at the peak of October 2020,

00:58consumers are still struggling to keep up with elevated food costs.

01:03Food inflation has been stubborn

01:05as prices for other items began to ease.

01:08Many Americans turned to buying groceries

01:10and other things online to make dollars stretch.

01:13Quote,

01:14consumers continue to see good bargains online

01:17and are taking advantage of them,

01:19driving $82 billion in e-commerce spend for October 2024,

01:24says Vivek Pandya, Adobe Digital Insights Lead Analyst.

01:29The relief from high food prices

01:31comes just in time for the crucial end-of-the-year gift-buying season.

01:35Retailers hope the money saved on food will be used to buy gifts.

01:40The National Retail Federation expects

01:42average holiday spending to hit a record of $902 per person.

01:48That'll do it for your daily briefing from the New York Stock Exchange.

01:51I'm Conway Gittens with The Street.

01:54Thanks for watching.

Category

Transcript

Recommended