US consumer prices post biggest decline since Great Depression, says Washington


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US consumer prices post biggest decline since Great Depression, says Washington

Earlier on Tuesday, the 12th of May 2020, US Labour Department had released the US CPI (Consumer Price Index) data which had witnessed its steepest fall last month since the era of Great Financial Depression, dragged down by a draconian decline in demand of petroleum and service sectors including the aviation industry as a majority of US nationals appeared to be preferring to stay at home despite an ease of lockdown on several US states.

Besides, according to the US Labour Department CPI data released earlier on Tuesday (May 12th), the US consumer price index, a reading which probes the average prices of a basket of consumer goods and services, took a header of 0.8 per cent in April after tumbling 0.4 per cent in March, marking up the index’s biggest monthly decline since the December of 2008, while the Great Depression of 2007-2009 had been hitting its peak.

Meanwhile, adding that the Labour Department’s in-store data collection had been suspended since March 16th due to the pandemic outbreak, the Department said in its Tuesday’s (May 12th) statement, “Data collection last month was impacted by the temporary closing or limited operations of certain types of establishments, leading to an increase in the number of prices being considered temporarily unavailable and imputed,” suggesting an adjusted data could reveal a further collapse of April CPI reading.