Washington - In a continuing signal of economic decline, US consumer prices fell 1 per cent month-on- month in October, the largest one-month decrease since inflation prices started being published in 1947, the US government said Wednesday. The overall inflation index had remained flat through September after having its first decline in two years in August of 0.1 per cent.
The figures, which were seasonally adjusted, reflected an 8.6 per cent drop in energy prices. Petrol prices were down more than 14 per cent, the Bureau of Labour Statistics (BLS) said.
The escalation of food prices has slowed somewhat, to only 0.3 per cent in October. Over the summer, food prices had been increasing an average of 0.7 per cent a month.
Year-on-year, however, Americans are paying 6.3 per cent more for food and 12 per cent more for petrol than they were in October 2007. The overall inflation index was 3.7 per cent higher than a year ago.
Core inflation, which does not include food or energy costs, declined 0.1 per cent since September, and was up 2.2 per cent above October 2007. The decline reflected dropping prices for clothing, airline fares, lodging and motor vehicles, the BLS said.
