U.S. consumer prices fell by the most in more than five years in March and further decreases are likely as the novel coronavirus outbreak ...
U.S. consumer prices fell by the most in more than five years in March and further decreases are likely as the novel coronavirus outbreak suppresses demand for some goods and services, offsetting price increases related to shortages resulting from disruptions to the supply chain.
The Labor Department said on Friday its consumer price index dropped 0.4per cent last month amid a tumble in the costs of gasoline, hotel accommodation, apparel and airline tickets. That was the biggest drop since January 2015 and followed a 0.1per cent gain in February. In the 12 months through March, the CPI rose 1.5per cent after increasing 2.3per cent in February.Economists polled by Reuters had forecast the CPI dropping 0.3per cent in March and climbing 1.6per cent year-on-year.
As a result, the government said many indexes were based on smaller amounts of collected prices than usual, and a small number of indexes that are normally published were not published in March. Excluding the volatile food and energy components, the CPI dipped 0.1per cent in March, the first drop since March 2010. The so-called core CPI had increased 0.2per cent for two straight months. Underlying inflation fell in March also as prices for new motor vehicles declined. In the 12 months through March, the core CPI rose 2.1per cent after increasing 2.4per cent in February.
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