Consumer Price Index Drops in April

The consumer price index fell for the first time in more than a year, declining 0.1% in April, the Labor Department said Wednesday.

The decline was the first since March 2009.

The core CPI, which excludes food and energy, was unchanged, capping the smallest 12-month gain in 40 years, Bloomberg reported.

Economists had forecast CPI and core rate increases of 0.1%, 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.