US consumer prices dip in March, food prices rise by 1.9pcConsumer prices fell by 0.4 percent in March, the largest decline in five years, revealing the downward pressure that the coronavirus pandemic is exerting on the cost of gasoline, airfares, hotel rooms and other goods and services. Consumer prices rose a slight 0.1 percent in February. Energy costs slid by 5.8 percent with gasoline prices falling 10.5 percent Airfares plunged by 12.6 percent while hotel and motel prices, dropped by 6.8 percent. The CPI report said that energy prices fell by 5.7 percent from a year ago, while food prices are up 1.9 percent after a 0.3 percent gain in March. Consumer prices are up a modest 1.5 percent over the past year while core inflation, which excludes volatile food and energy, has risen 2.1 percent over the last 12 months.-AP

Source: The Standard April 11, 2020 02:15 UTC