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Consumer Prices Rose Just 0.1 Percent in ’08
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Bureau of Labor Statistics reports that the Consumer Price Index fell by a seasonally adjusted 0.7% in December, after falling 1.7% in November. The so called core rate that excludes volatile food and energy costs was flat. For all of 2008 consumer prices went up by only 0.1%, while the core rate rose 1.8%. This creates the possibility of deflation taking place as the economy worsens in 2009 and deflation hanging over the American economy for a long time after that.
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