US suffers massive drop in consumer prices
US consumer prices have dropped the most since the global financial crisis, weighed down by a plunge in demand for petrol and services including airline travel as people stay home during the coronavirus crisis.
The Labor Department said on Tuesday its consumer price index tumbled 0.8 per cent last month after falling 0.4 per cent in March. That was the largest decline since December 2008, and marked the second-straight monthly decrease in the CPI.
In the 12 months through April, the CPI gained 0.3 per cent after increasing 1.5 per cent in March. Economists polled by Reuters had forecast the CPI falling 0.8 per cent in April and rising 0.4 year-on-year.
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