For the first time in two years US consumer prices decreased amid plummeting gasoline prices which have counteracted rising rent and medical care costs. The consumer price index, a barometer of price movement for goods ranging from groceries to drugs, fell 0.3% in May from the previous month. This was the biggest monthly drop since December 2008. Energy prices, which dropped 4.3% last month, are pushing down overall consumer costs. Cheaper gas is also impacting consumer markets with gasoline costs down 3.9% from a year ago, the first dip since October 2009.
Consumer Prices Drop on Energy
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June 14, 2012 11:37 a.m.
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