- Labor department said Consumer Price Index decline -0.7% YoY in April.
- MoM compared to March remained unchanged after a –0.4% drop in March.
- Overall index was affected by a sharp decline in energy prices which fell 2.4% in April and are down 25.2% annually.
- Oil prices averaged $50 in April, down 55% from the 2008 average of $112 per barrel.
- Increase in core CPI was due to a 9.3% rise in prices for tobacco and smoking products which jumped 11% in march.
- Retailers boosted tobacco prices in response to a federal tax hike in April 1st.
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