US consumer prices dip for third month
Sunday, 18 July 2010
WASHINGTON, July 17 (AFP): American consumers saw prices fall for the third consecutive month in June on the back of lower gasoline costs, the government said Thursday amid concerns over deflation.
The Labor Department said its consumer price index, the most closely watched inflation barometer in the United States, dropped 0.1 per cent for the month after falling 0.2 per cent in May, the largest decline since December 2008.
The June dip, only the third in 15 months, was expected by most economists.
Much of the decline was due to weaker gasoline prices. Food prices have remained unchanged for the past two months, according to the Labor Department data.
The Labor Department said its consumer price index, the most closely watched inflation barometer in the United States, dropped 0.1 per cent for the month after falling 0.2 per cent in May, the largest decline since December 2008.
The June dip, only the third in 15 months, was expected by most economists.
Much of the decline was due to weaker gasoline prices. Food prices have remained unchanged for the past two months, according to the Labor Department data.