WASHINGTON, May 12 — Falling prices for just about everything besides food sent US inflation dropping in April by the largest amount since the global financial crisis in 2008, government data showed today. April’s consumer price index data were the first to fully capture the effects of the...
People shop at Macy’s Department store in New York City, US, March 11, 2019. — Reuters pic
The disruptions have caused a dramatic fall in demand for oil which, together with a price war between top producers Russia and Saudi Arabia, pushed down energy prices dramatically, contributing to the fall in CPI. Gasoline prices led April’s decline with a 20.6 per cent fall, but other sectors badly affected by the business closure also saw prices drop.
As consumers pared back spending to the essentials, the food index registered spectacular growth of 1.5 per cent, with food at home jumping by 2.6 per cent — it largest-ever monthly increase.
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