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Consumer Prices Fall Fastest Rate on Record, Raising Deflation Concerns
Consumer prices dropped at the fastest rate in its 61 years of record keeping, the Labor Department reported in its October Consumer Price report.
Its closely watched Consumer Price Index (CPI) dropped 1% in October, higher than the 0.8% decline forecast.
The overall drop was heavily weighted by declining prices of energy (-8.6%), transportation (-5.3%), and clothing (-1.0%).
Prices for everything else – food and beverages, medical care, recreation, housing, education and communication – gained slightly or hovered in place.
Overall CPI has dropped 4.4% in the past three months. Consumer prices are 3.7% higher than they were a year ago,…
20Nov2008 | Money Morning | Comments Off | Continued
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