U.S. Consumer Prices Fall 0.2 Percent In June, Matching Expectations
– With gasoline prices leading a significant drop in the cost of energy, overall consumer price figures fell in June, according to a report released Friday by the Labor Department.
The Consumer Price Index dropped 0.2 percent in June, the first monthly decrease in prices since June 2010, although most economists had predicted the fall.
Energy prices drove the drop in consumer prices, falling by 4.4 percent, the largest drop since December 2008. Gasoline prices plunged by 6.8 percent
Food prices, however, increased by 0.2 percent, although the rate of growth was smaller than the 0.4 percent increases posted in April and May.
Excluding the somewhat volatile food and energy sectors, “core” consumer prices increased by 0.3 percent in June, matching the increase seen in May.
July 18, 2011
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Posted by Patrick Mcculloch
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