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Consumer Prices Take Another Record Plunge
Reuters
Tuesday, Dec 16, 2008
U.S. consumer prices plunged at a record rate for a second straight month during November, according to a government report on Tuesday that is likely to fan fears that economic recession is rapidly heightening risks of deflation.
The Labor Department said its closely watched Consumer Price Index dropped 1.7 percent after falling 1 percent in October–back-to-back record drops since the department started keeping monthly data in 1947. Core prices that exclude food and energy items were flat in November after declining 0.1 percent in October.
The drop in overall prices exceeded forecasts by Wall Street economists who had expected a 1.2 percent decline.
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On a year-over-year basis, consumer prices were up 1.1 percent after a 3.7 percent increase in October. It was the smallest rise since mid-2002.
Energy prices plummeted 17 percent last month, double the 8.6 percent fall in October. It was the largest monthly decrease in energy prices since the department started monthly records in 1957.
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3 Responses to “Consumer Prices Take Another Record Plunge”
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December 16th, 2008 at 5:58 pm
I love this stuff – deflation that is.
Ebay Motors has an Aston Martin Vanquish going for $66,000 from some idiot stock broker who lost his job. I’m think seriously of getting it, but maybe by March it will be even less.
I’m looking at a condo in the Florida Keys that went for $2.4 million 3 years ago I can get for $200k today, never been lived in by anyone, some moron bought it as an “investment with an option ARM.
The only thing up right now is ammo!
December 16th, 2008 at 6:44 pm
Who cares ? Just miss direction . The little blurb says it does not take into account food and energy . Food prices already up , and energy going back up soon . Gasoline has gone down but will go back up . And heating oil and utilities are up and going up . These are the consumer prices that concern everyone and they are not calculated into the index . What is ? TV sets and cars ? This is just a shitty attempt at manipulating people to go buy shit they don’t need in the thought that they are helping stave off disaster . So that business guys can get the last of your money .
FUCK THEM
December 17th, 2008 at 2:43 am
The price of sweet potatoes is up,i’ll sell you a couple for the tough times ahead[i mean you could plant them yourselves but gold seems more appealing]i could also sell you ice,but someone has let the cat out of the box and given away the recipe.