Cheaper gas fuels historic price drop
Business First of Columbus
The Consumer Price Index – which measures the value of goods and services – fell 1.5 percent in the Midwest in October, reflecting a month that nationally saw the largest drop in the index’s 61 years.
The Bureau of Labor Statistics on Wednesday said the over-the-month decline in September represents the largest regional drop in the index since monthly publication began in 1987. The index had held steady in September compared with the month before.
Compared with a year ago, the October CPI is up 3.3 percent in the Midwest.
Around the nation, the CPI fell 1 percent from September, the largest one-month decrease since the bureau began publishing seasonally adjusted changes in February 1947.
In the Midwest, virtually all of the October decline was attributable to falling energy prices, which include prices for motor fuel and household energy, Regional Commissioner Stanley Suchman said in a release. Energy prices, down 13.8 percent over the month, have advanced 9.9 percent since October 2007.
The Midwest CPI for all items except energy recorded little movement over the month and was up 2.6 percent over the year.
The Labor Statistics Bureau is part of the U.S. Department of Labor. November statistics are scheduled to be released Dec. 16.
Latest News |
