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Saturday 19th of June 2010
June 17, 2010    

US consumer prices drop in May

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by Kay Murchie

Official data has today revealed that US consumer prices fell for the second consecutive month in May, by 0.2% on a monthly basis.

The fall was attributed to declines in fuel costs, after energy prices dropped sharply, according to the Labor Department.

The fall in May was the biggest monthly drop since December 2008.

Meanwhile, on an annual basis, prices have increased 2%, but core prices over 12 months (which exclude food and energy costs) are 0.9% higher than a year ago.

As a result, the annual rate of inflation now stands at 2% - in line with the US Federal Reserve’s target.

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