U.S. consumer prices from a year ago have fallen by the biggest amount in more than 50 years, the Bureau of Labor Statistics (BLS) said in a report provided on Friday, May 15. To be more exact, prices had not dropped as fast since August 1955.
The Consumer Price Index (CPI) data has the annual inflation rate at -0.7% compared to the March rate of -0.4%. It was cheaper energy that helped pull down prices. Compared to a year ago, energy prices dropped 25.2%. (While gas prices at the pump have been rising recently, those figures will not be calculated into available data until next month’s report is released.)
On a monthly basis, consumer prices remained unchanged following the 0.1% declined in March and the 0.4% increase in February.
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For an in depth look at April consumer prices, read the article Annual inflation at -0.7%…