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Plunging energy prices cause biggest cost-of-living drop in six years

Plunging energy prices cause biggest cost-of-living drop in six years

Plunging energy prices last month led to the biggest decline in the cost of living in six years, keeping inflation well below the Federal Reserve's target and possibly complicating plans for the central bank to start raising interest rates. The Consumer Price Index declined 0.4% in December after falling 0.3% the previous month, the Labor Department said Friday Last month's drop, which was in line with analysts' forecasts, was the biggest since the depths of the Great Recession in December 2008. Falling oil prices were the main factor. The gasoline price index declined 9.4% in December as the cost of oil worldwide continued its free-fall. Gas prices were down 6.4% in...

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