WASHINGTON - Consumer prices declined 0.1% in June, the third consecutive monthly decline, as the year-over-year change in prices grew by the smallest amount in eight months, the Labor Department reported today.
Core prices, excluding food and energy goods, increased 0.2% with a slight increase in the shelter index.
Economists expected consumer prices to be unchanged for the month and for core prices to increase 0.1%, according to the median estimate from Thomson Reuters.
For the year ending in June, consumer prices increased 1.1%, the smallest 12-month increase since a 0.2% decline in total prices registered in the 12 months ending October 2009. Core prices rose 0.9% for the year.
Energy prices fell 2.9%, equaling the decline for May. Gasoline prices fell 4.5%, the fifth consecutive monthly decrease. Over the last 12 months, energy increased 3.0%. Electricity prices dropped 2.2%, the largest decline since October 1986.
Shelter prices increase 0.1% and prices for owners' equivalent rent also rose 0.1%, the first increase since August 2009.
Real average weekly earnings fell 0.2% for the month and the average work week fell 0.3%. Real average hourly earnings for all employees rose 0.1% as consumer prices fell.
