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Prices plummet in November

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Prices plummet in November

Decreasing gasoline prices result in largest CPI drop since 2008.

The Consumer Prices Index fell on a seasonally adjusted basis by 0.3% in November, according to the U.S. Bureau of Labor Statistics. This is the largest drop since December 2008.

Analysts had expected a decrease of 0.1%.

Over the last 12 months, the index has increased 1.3%.

The index for all items less food and energy, known as “core” CPI, rose 0.1% in November, following a 0.2% in October.

Core CPI has increased 1.7% over the last 12 months.

Gasoline prices fell 6.6% in November, the also the largest drop since December 2008, after falling 3.0% in October. Gasoline prices have fallen for five consecutive months.

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