Electric vehicle prices were supposed to be heading in reverse right about now. Instead, they're taking off, Nathan writes.

Why it matters: Automakers and independent experts had for years projected steady declines in EV prices as battery costs receded, making the environmentally friendly technology a more affordable replacement for gas-engine cars.

Driving the news: Ford announced today that it's raising the price of the F-150 Lightning electric pickup by about $6,000–$8,500, depending on the model, to a starting price of about $47,000–$97,000.

• The announcement follows recent EV price increases by several other brands, including Tesla, Rivian, Lucid and GMC.

What they're saying: "We all wish there were more affordable [EVs] in the marketplace today — there are none," Edmunds analyst Ivan Drury tells Axios.

• The average transaction price of an EV in July was $62,893, up 14.8% from a year earlier, according to Edmunds. That compares to an average of $47,198 for all vehicles in July.
• And that number doesn't include direct-to-consumer sales of largely more-expensive models like Tesla, Rivian and Lucid cars.

Between the lines: EV raw material costs are more than double the average of internal combustion engine vehicle costs — $8,255 vs. $3,662 per vehicle, according to AlixPartners.

• Yes, but: The popularity of certain models has also contributed to price increases, Drury says.

The bottom line: For EVs to spread to the masses, prices will need to come down — and there's "no indication" that will happen anytime soon, iSeeCars analyst Karl Brauer tells Axios.

Go deeper.

Deflation — a concept that’s been gathering metaphorical dust of late — has come for e-commerce, Nathan writes.

• Online prices declined by 1% in July, compared with a year earlier, according to the Adobe Digital Price Index released today.
• It marks the first price decline in the index in 25 months — and it’s the fifth straight month in which the index has fallen.

Quick take: The downward trend suggests that retailers are dropping online prices for excess inventory.

What we're watching: The monthly Consumer Price Index to be released tomorrow will give us a sense for whether overall inflation has finally peaked.

Go deeper.

💍 Signet Jewelers — the owner of Kay Jewelers and Zales — is acquiring online jewelry brand Blue Nile. (CNBC)

🏭 Micron Technology will invest $40 billion in U.S. semiconductor plants, relying on government help from the chip bill. (Bloomberg)

Unity Software is suddenly very popular, Axios' Pete Gannon writes.

• The video game-making software company already has a $4.4 billion acquisition in place with app monetization platform ironSource.
• And today it received an offer to combine with AppLovin, in what would be a $17.54 billion all-stock deal.

The big picture: Both deals represent major consolidation plays in gaming. And that's one of the reasons AppLovin is trying to woo Unity away from its competitor.

Of note: One thing Unity will have to consider is control.

• AppLovin's proposal offers Unity stockholders only 49% of the combined company's voting rights.
• With ironSource, Unity stockholders would own 73.5%.

The bottom line: That will be up to Unity, and its shareholders, to decide.

Serena Williams hinted Tuesday that she will retire from tennis after this year's U.S. Open, Axios' Herb Scribner reports.

Why it matters: Williams is a 23-time Grand Slam champion and has been a pillar of the sport since she first won the U.S. Open in 1999.

What's next: Williams wrote for Vogue today that she would not use the word "retirement" to describe her decision.

• "I'm here to tell you that I'm evolving away from tennis, toward other things that are important to me," she wrote, adding on Instagram that she wants to "focus on being a mom" and on her "spiritual goals."
• Williams said she also plans to do more work with her venture capital firm Serena Ventures.

"I do believe for now at least the national average will continue to decline."