U.S. Consumer Prices Fall on Drop in Gasoline Costs

  • 2/10/2023
  • 18:08
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Washington, Dhu-AlHijjah 2, 1436, Sep 16, 2015, SPA -- U.S. consumer prices fell unexpectedly in August as gasoline prices resumed their decline and a strong dollar reduced the cost of other goods, the government reported Wednesday, pointing to tame inflation that complicates the Federal Reserve (Fed) decision whether to raise interest rates. The Labor Department said its consumer price index (CPI) fell 0.1 percent last month, the first decline since January, after rising 0.1 percent in July. In the last 12 months, CPI rose 0.2 percent. Gasoline prices tumbled 4.1 percent in August, the biggest drop since January, after rising 0.9 percent in July. Food prices increased 0.2 percent, with egg prices jumping 7.7 percent, reflecting the impact of the avian influenza that hit some parts of the country early this year. The central bank’s policy-setting committee began a two-day meeting Wednesday. While solid data on consumer spending, housing, and employment have supported an interest-rate increase, that has been undermined by recent turmoil in global financial markets. --SPA 16:49 LOCAL TIME 13:49 GMT www.spa.gov.sa/w

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