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Consumer Prices Fell Record 1% in October
By
Jen Chung
Published Nov 19, 2008
Modified Nov 19, 2008
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By
Jen Chung
Published Nov 19, 2008
Modified Nov 19, 2008
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The consumer price index fell 1% in October, according to the Department of Labor. CNBC notes this drop is bigger than what Wall Street predicted (it's also the "biggest drop since the department began monthly data in 1947"): "The latest sign of rapidly declining prices, including for clothing and transportation as well as energy, implies a weakening economy no longer faces any inflation threat and could see deflation return if consumer demand keeps softening." Stocks are mixed, as the auto industry tries to convince D.C. to deliver an industry bailout--chief executives of Chrysler, Ford and Chevrolet will continue to make their case today.
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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