Consumer Price Index Dips 0.1%

The consumer price index fell 0.1% in March and declined over the past year for the first time in 54 years, the Labor Department said Wednesday.

The so-called core CPI, which excludes food and energy, rose 0.2% for a third straight month.

The decline in the consumer price index, the government’s main gauge of inflation, was in contrast to economists’ forecasts of a 0.1% increase, Bloomberg reported.

In the 12 months ended in March prices fell 0.4%, the first such decline since 1955, Bloomberg said.

The CPI is the government’s broadest gauge of costs for goods and services. Almost 60% of the CPI covers prices consumers pay for services.

If consumer prices are climbing, it could reflect an increase in demand for consumer goods, which increases the demand for trucking services.