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Inflation Cools as Economic Downturn Deepens
Consumer prices held steady as the credit crisis took a toll on the sluggish U.S. economy and dampened inflation.
The Labor Department announced yesterday (Thursday) that the Consumer Price Index (CPI) was unchanged in September after declining 0.1% in the prior month. Year-over-year, consumer prices increased 4.9% for the 12 months ended September 2008, down from a 5.4% increase in August.
Oil prices made up the bulk of the decline in consumer prices as the cost of crude has dropped by over half from its record high of $147 per barrel in July.
So-called core CPI, which excludes volatile food and energy…
17Oct2008 | Money Morning | Comments Off | Continued
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