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US October consumer prices fall 0.1 per cent

US consumer price index dips for first time in four months, while core index rises on back of higher services and apparel prices

Reuters, Wednesday 16 Nov 2011

US consumer prices fell in October for the first time in four months as Americans paid less for new cars and gasoline, although prices outside of food and energy posted a slight increase, the Labour Department said on Wednesday.

The Consumer Price Index dropped 0.1 per cent during the month.

Economists had expected that the index of total prices would be flat last month after rising 0.3 per cent in September.

Food prices rose 0.1 per cent, while gasoline fell 3.1 per cent.

Outside food and energy, prices climbed 0.1 per cent in October, the same pace registered in September.

The so-called core index rose because higher prices on services and for apparel outweighed a 0.3 per cent decline in new vehicle prices. Shelter costs rose 0.2 per cent, while apparel increased 0.4 per cent.

In the 12 months through October, consumer prices rose 3.5 per cent after rising 3.9 per cent in the full year through September.

Core prices rose 2.1 per cent in the 12 months through October, up from 2.0 per cent in September.

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