- U.S. consumer prices fell for a third straight month in May.
- Demand remained subdued amid a recession caused by the Covid-19 pandemic.
- The Labor Department said on Wednesday its consumer price index dipped 0.1% last month after plunging 0.8% in April, which was the largest decline since December 2008.
VIDEO3:2403:24US consumer prices drop 0.1% in May, marking third-straight month of declineSquawk Box
U.S. consumer prices fell for a third straight month in May as demand remained subdued amid a recession caused by the Covid-19 pandemic.
The Labor Department said on Wednesday its consumer price index dipped 0.1% last month after plunging 0.8% in April, which was the largest decline since December 2008. In the 12 months through May, the CPI gained 0.1% after climbing 0.3% in April.
Economists polled by Reuters had forecast the CPI unchanged in May and gaining 0.2% year-on-year.
Source: cnbc.com
