Consumer Prices Drop on Energy

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.

Via The Wall Street Journal.