Ok, so we’re running out of ways to say that consumer prices have fallen — again. This time its the steepest drop since 1955.
The Labor Department said the Consumer Price Index declined 0.7% on an annual basis in April, only the second year-over-year decline in nearly 54 years following March’s 0.4% drop.
Prices were driven down by a drop in energy prices — and actually given a boost by a huge increase in tobacco taxes.
For those of you who are wondering how falling prices could possibly be bad news, we understand that people enjoyed last month’s quick and dirty explanation.