Summary Box: Cheaper gas lowers consumer prices

AP News
|
Posted: Jul 15, 2011 4:09 PM
Summary Box: Cheaper gas lowers consumer prices

PRICES DROP: Consumer prices fell 0.2 percent, the first decline in a year. It was mainly because of a steep drop in gas prices That eased inflation concerns that arose earlier this year when food and gas prices rose.

CORE RISES: Americans paid more for autos, clothes, and hotel stays, pushing up "core" prices 0.3 percent. Core prices exclude volatile food and gas costs.

PRICES PEAKING: The Consumer Price Index, which rose 3.6 percent in the year ending in June, has likely peaked, economists say. Core prices may keep rising for several months but should also weaken as auto prices decline.