Consumer prices fall most in five years as gasoline plunges and travel costs decline at record pace
A man buys water, food and toilet paper at a store, as people begin to stockpile essentials over fear that supplies will be affected by the spread of the COVID-19, coronavirus, outbreak across the country, in Los Angeles on Feb. 29, 2020.
Mark Ralston | AFP | Getty Images
Consumer prices fell 0.4% in March, the largest monthly decline in five years, as Americans stopped traveling and the cost of gasoline, airfares and hotel rooms plummeted.
March’s decline was the biggest since January 2015, according to the Labor Department. It follows a 0.1% gain in February. Energy costs overall slid 5.8%, with gasoline prices tumbling 10.5%. Airfares plunged a record 12.6%, while hotel and motel room prices fell 6.8%.
The core consumer price index, excluding food and energy, fell 0.1% in March, its first monthly decline since January 2010. Consumer prices are up 1.5% over …continued .
[Source: CNBC News]