US: shoe prices decline for the first time in a year in August
According to the latest data from the Footwear Distributors and Retailers of America (FDRA), US footwear prices fell in August for the first time in a year, in line with the general inflation trend
Last month, US retail footwear prices fell slightly by 0.9% as compared to the same period last year, in line with the overall inflation trend. The FDRA data also showed that while men’s retail footwear prices increased by 2.2% in August, women’s and children’s footwear prices decreased by 2.4% and 2.6%, respectively, as compared to August 2023.
“Given these latest numbers, retail footwear prices so far this year are up 0.7% from the same first eight months of last year”, concluded Gary Raines, chief economist at FDRA. “This modest rise comes as year-to-date men’s prices are up 2.2% and women’s are up 0.6%, while children’s footwear prices are down 1.4%”.
The fall in footwear prices in August comes at the same time as the Bureau of Labour Statistics reported that overall retail prices slowed by the most in three and a half years, reaching their lowest level since February 2021.
Image Credits: ny.racked.com
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