CPI Falls by Record 1.7% in November

Consumer prices fell in November by a record 1.7%, led by steep declines in energy, the Labor Department said Tuesday.

Economists had forecast a 1.3% decline in the consumer price index, the government’s main gauge of inflation, Bloomberg reported.

Prices have fallen 1.1% in the 12 months through November, Labor said.

So-called core prices excluding food and energy were unchanged from October, while economists had forecast a 0.1% increase.

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.