Consumer Prices Drop in October

Financial News Network
November 17, 2011 AT 7:30 PM
On Wednesday, the Labor Department announced that the consumer price index dropped by a seasonally adjusted rate 0.1% last month. The decline condensed the 12-month increase in consumer prices to 3.5% to 3.9% in September.The decline in consumer prices, combined with a small rise in wages last month, boosted the average hourly earnings of American workers by 0.3%, adjusted for inflation.Overall consumer prices increased 3.5 percent in the 12 months ended October.