US consumer prices fall slightly in October

The fall in gasoline prices was the main reason for October`s decline, the Commerce Department reported.

PTI| Updated: Nov 20, 2013, 23:26 PM IST

US consumer prices fell 0.1 percent in October, bringing the 12-month gain to a mere 1.0 percent, the lowest annual inflation pace in four years, the government said Wednesday.

The fall in gasoline prices was the main reason for October`s decline, the Commerce Department reported.

Excluding volatile energy and food prices, core consumer prices rose 0.1 percent in the month, and were 1.7 percent above a year ago.

Energy prices overall were down 4.8 percent from a year earlier, while food prices, which were marginally higher in October, rose 1.3 percent over the 12 months.

The data underscored the view of Federal Reserve policy makers that inflation, well below their 2.0 percent target, is no threat despite the Fed`s expansive stimulus policy.