US consumer prices drop by largest amount in 61 years
Thursday, 18 December 2008
WASHINGTON, Dec. 17 (Xinhua): Consumer prices in the United States fell by 1.7 per cent in November, the largest one- month decline dating to February 1947, as energy costs dropped sharply, the Labor Department reported yesterday.
The November drop in consumer prices surpassed the previous record decrease of 1 per cent set in October and was larger than the 1.2 per cent drop that analysts had been expecting.
The report showed that energy prices plunged 17 per cent last month, nearly double the 8.6 per cent decline in October. Both declines represented record drops.
The 17 per cent drop was the fourth straight monthly decline in energy costs. The back- to-back retreat came after energy costs recorded big advances in May, June and July.
Gasoline costs fell by a record 29.5 per cent in November, while home heating oil costs were down 14.6 per cent and natural gas prices were off 5.2 per cent.
Meanwhile, food costs posted a modest 0.2 per cent rise in November, the smallest gain in eight months, after having edged up 0.3 per cent in the previous month.
The November drop in consumer prices surpassed the previous record decrease of 1 per cent set in October and was larger than the 1.2 per cent drop that analysts had been expecting.
The report showed that energy prices plunged 17 per cent last month, nearly double the 8.6 per cent decline in October. Both declines represented record drops.
The 17 per cent drop was the fourth straight monthly decline in energy costs. The back- to-back retreat came after energy costs recorded big advances in May, June and July.
Gasoline costs fell by a record 29.5 per cent in November, while home heating oil costs were down 14.6 per cent and natural gas prices were off 5.2 per cent.
Meanwhile, food costs posted a modest 0.2 per cent rise in November, the smallest gain in eight months, after having edged up 0.3 per cent in the previous month.