Consumer prices continued to fall in May even as the economy began to reopen. Although lockdown measures eased across the country, consumers kept their wallets closed, keeping prices low.
Although lockdown measures eased across the country, consumers kept their wallets closed, keeping prices low.The consumer price index declined 0.1% in May on a seasonally adjusted basis, the Bureau of Labor Statistics reported Wednesday. This is the the third-straight month of falling prices. In April, prices declined 0.8% on a seasonally adjusted basis, the largest drop since December 2008.
America is in a recession and it will need consumer spending that can stimulate price increases to get its way out of the dire situation.Food and shelter prices rose in May, but those increases were more than offset by drops in car insurance, energy and clothing prices. Prices for plane tickets and used cares also fell last month.Read MoreStripping out food and energy prices, which tend to be more volatile, consumer prices fell 0.1% in May.
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