A separate analysis from J.P. Morgan, which looked at online prices for a shopping list of 117 items, said prices in March broke a three-month streak of month-over-month declines, with the average price change up 1.8%. That makes it the highest price increase since the survey began, according to the report.
However, two large retailers reported decreasing prices: Walmart and Whole Foods. More decreases could be ahead in April’s report given Whole Foods’ price cuts.
In March, Whole Foods’ pricing was down 1% month over month, according to the report. It follows February’s 4% price increase.
Walmart showed the most consistent decline in online pricing. Online costs were down 1% this past month, and J.P. Morgan said it has been steadily declining over the past year.
“No other grocer in our survey has invested so consistently in pricing,” according to the report.
Walmart did not immediately respond to a request for comment.
Prices for Target were reportedly down slightly, but no specific percentage was reported.
Kroger saw its pricing rise 2%, which “wiped out the past 4 months’ price investments,” the report said. Retailer Sprouts also hiked prices by 3%, and analysts said that was as its price increases normally follow declines.
Spokespeople for Kroger and Sprouts did not immediately respond to requests for comment.