December 17, 2008
On a seasonally adjusted basis, the Consumer Price Index for All Urban Consumers (CPI-U) decreased 1.7 percent in November, the second consecutive record decrease. Falling energy prices, particularly gasoline, drove the decline in the overall index.
The energy index fell 17.0 percent in November. The decrease was about twice the October decline and energy prices are now 32.4 percent below the July peak earlier this year. The gasoline index fell 29.5 percent in November and gas prices are now 47.0 percent below their July peak. The natural gas index also declined in November, the fourth consecutive decrease.
Food prices increased 0.2 percent in November following a 0.3-percent rise in October.
Excluding food and energy, the CPI was virtually unchanged in November and is up 2.0 percent since November 2007.
For the 12-month period ending in November the CPI was up 1.1 percent, compared to 5.6 percent for the twelve months ending July of this year, as shown in the chart.