After dropping 3 percent in December, apparel prices continued their freefall in January, declining another 2.4% year-over-year, their third straight month of decline and second biggest drop in more than a decade, according to data released Thursday by the Bureau of Labor Statistics.
Overall unadjusted inflation in the U.S. actually declined in the month for the first time since October 2009, edging down by 0.1% due primarily to sharply lower energy prices that more than compensated for a 3.2% rise in food prices compared to January of 2014. Taking food and energy out of the picture, the CPI rose by 1.6%, relatively unchanged from the past few months.
The index for apparel and footwear, by contrast, dropped by 1.4%, their third straight monthly decline and second biggest decrease for the combined segments in 11 years.
The drop in apparel prices more than made up for a 2.6% increase in footwear prices, their third biggest monthly increase in a year and a half.
Women’s apparel prices fell by 3.5% and men’s by 2.4%. The only segment to see increases was childrenswear, where prices edged up by 0.8%.
The declines aren’t surprising, given the fact that January is the end of the fiscal year for most apparel retailers, and tends to be characterized by sales and other promotions designed to clear out Fall and Winter inventory.
Lenzing is going beyond its eco-friendly market presence to foster a better planet.Read more
President Trump may be able to count withdrawing from NAFTA among his first 100 days' accomplishments.Read more
Kit and Ace announced today it would close all stores outside of its native Canada.Read more
Off-price has been doing well while much of the rest of retail suffers, and the downfall of the department store will mean even bigger gains for the off-price sector.Read more
Challenges at retail continue to negatively affect the bottom line for companies along the value chain—except in for luxury and fast fashion.Read more
Deckers Brands announced a review of its strategic alternatives Tuesday, which could result in a sale or other transaction.Read more
While fashion and technology continue to blur the lines, a group of intelligent materials may drastically change consumers’ wardrobes in upcoming years.Read more