U.S. consumer prices fall for third straight month

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.

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.