“…  the value of footwear imports – a proxy for supply – rose a scant 0.8% year-over-year in August and is up 1.0% year-to-date. At this late point on the calendar, we can say with increasing certainty that retail footwear prices will climb for the fourth straight year, with rising prices for menswear offsetting lower prices for children’s footwear”, commented Gary Raines, Chief Economist at the Footwear Distributors and Retailers of America (FDRA).

Footwear prices in the US remained relatively flat in September, according to data from the FDRA, with modest changes between men’s, women’s and children’s categories. Men’s footwear prices experienced a 2.9% rise, while women’s footwear prices decreased by 2.2% and children's footwear prices by 0.3%, as compared to the same period in 2023. This marked the seventh consecutive month of declining prices in kids’ footwear.

Despite the steadiness in footwear prices, overall inflation in the US economy was higher than forecast in September. The Consumer Price Index (CPI), a popular inflation measure, recorded a 0.2% rise on a seasonally adjusted basis. Over the past year, prices have climbed by 2.4%, reflecting ongoing inflationary pressures in certain sectors. Nevertheless, this is the smallest year-on-year increase since early 2021, suggesting that inflationary pressures may be easing.

The core CPI, which excludes volatile food and energy costs, also experienced a 0.3% rise in September, matching the previous month’s increase. While categories such as shelter and food saw price increases, the indexes for recreation and communication experienced declines.

Although footwear prices have been stable recently, the FDRA expects the category to experience a rise by the end of 2024, marking the fourth consecutive year of annual price increases.