Consumer prices drop 0.1 percent in August, first dip in nearly 2 years [ACTUALLY 3RD DIP]

Yahoo Finance ^ | September 16, 2008 | Martin Crutsinger

[expat_panama]

WASHINGTON (AP) -- Consumer prices in August posted the first monthly decline in nearly two years as Americans finally get a break from surging energy prices. The Labor Department reported Tuesday that consumer prices edged down 0.1 percent last month, a significant improvement from a 1.1 percent price spike in June and a 0.8 percent rise in July. The cost of gasoline and other fuels have plunged, reflecting big drops in crude oil prices.

[expat_panama]

We had cpi dips in Dec and Aug of 07. Also, they forgot to mention that this represents an annualized deflation of 4.7%

[expat_panama]

—and if we’d have been on the gold standard we’d have had 30% inflation over the past 6 months.

[Mase]

John Williams at “Shadow Government Statistics” is deeply saddened.