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Americans pay less as overall prices fall
Source: Agencies |
November 17, 2011, Thursday
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Print Edition
Print Edition
UNITED States consumers paid less for gas, cars and computers last month, as overall prices dropped for the first time since June. Inflation is easing after prices rose sharply this spring.
The Labor Department said yesterday the Consumer Price Index eased 0.1 percent in October. A steep drop in gas prices led the decline. Food prices rose, but at the slowest pace this year.
Excluding volatile food and energy costs, so-called "core" prices rose 0.1 percent. The cost of renting an apartment rose, as did prices for health care products and services.
But new car prices fell by the most in almost two years, and airline fares and hotel costs declined.
Many economists believe inflation is peaking after climbing steadily this year. Slower inflation could give more momentum to those at the Federal Reserve who believe the central bank should do more to try to lower high unemployment.
A little inflation can be good for the economy. It encourages firms and consumers to spend and invest sooner rather than later, before inflation erodes its value.
Consumer prices have gained 3.5 percent in the 12 months ended in October. Core prices have risen 2.1 percent in that stretch.
Rising oil prices sent the average cost of gas to nearly US$4 a gallon in May.
The Labor Department said yesterday the Consumer Price Index eased 0.1 percent in October. A steep drop in gas prices led the decline. Food prices rose, but at the slowest pace this year.
Excluding volatile food and energy costs, so-called "core" prices rose 0.1 percent. The cost of renting an apartment rose, as did prices for health care products and services.
But new car prices fell by the most in almost two years, and airline fares and hotel costs declined.
Many economists believe inflation is peaking after climbing steadily this year. Slower inflation could give more momentum to those at the Federal Reserve who believe the central bank should do more to try to lower high unemployment.
A little inflation can be good for the economy. It encourages firms and consumers to spend and invest sooner rather than later, before inflation erodes its value.
Consumer prices have gained 3.5 percent in the 12 months ended in October. Core prices have risen 2.1 percent in that stretch.
Rising oil prices sent the average cost of gas to nearly US$4 a gallon in May.
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