Wednesday, September 17, 2014

Consumer Prices Fell 0.2% in August

The consumer price index decreased 0.2% in August, which is down from the 0.1% growth the month prior. August's drop in consumer prices is the first negative rate since April 2013. The price drop was driven by a decline in energy prices, and offset by food prices. Prices are now 1.7% above year ago levels.

Overall energy prices shrank 2.6% in August, as energy commodities declined 3.9% and energy services prices declined 0.6%. The declines were led by a 4.1% drop in gasoline prices and a 2.8% drop in utility gas services, respectively.

Food prices increased 0.2% from the previous month and 2.7% from the previous year. The month-over-month increase was driven by an increase in the price of meats, poultry, fish and eggs.

Read the BLS report.

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