For the first time in two years US consumer prices decreased amid plummeting gasoline prices which have counteracted rising rent and medical care costs. The consumer price index, a barometer of price movement for goods ranging from groceries to drugs, fell 0.3% in May from the previous month. This was the biggest monthly drop since December 2008. Energy prices, which dropped 4.3% last month, are pushing down overall consumer costs. Cheaper gas is also impacting consumer markets with gasoline costs down 3.9% from a year ago, the first dip since October 2009.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=157138