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Consumer prices fall record 1% as energy plunges
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| Contributor | Ashley |
| Last Edited | Ashley Nov 19, 2008 09:59am |
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| Category | News |
| News Date | Wednesday, November 19, 2008 03:50:00 PM UTC0:0 |
| Description | WASHINGTON (MarketWatch) -- U.S. consumer prices plunged by the steepest amount since records were tabulated in 1947, the Labor Department reported Wednesday.
Prices fell 1% in October on a seasonally adjusted basis, with energy prices plunging 8.6%.
Both the overall and energy decreases were the biggest since the government began keeping such records. Data on the overall CPI date back to 1947, and the energy data go back to 1957.
Meanwhile, food prices in October rose 0.3%, the smallest gain since May. Gasoline prices fell a record 14.2% last month. The data on gasoline date back to 1967.
The core consumer price index, which excludes food- and energy-price inputs, eased 0.1%, the first time there's been a decline in the core rate since 1982.
Economists surveyed by MarketWatch had expected the overall October CPI to fall 0.9%, with the core pegged to rise 0.1%. |
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