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The headline rate dropped by 1% last month which was the most since monthly record began, although the numbers in the database go back to 1913. Consumer prices dropped for an extended period beginning in the 1920s and going into the 1930s. Wall Street was expecting a fall of 0.8%.

We knew a big drop was coming thanks to the fall in oil prices, however, the biggest surprise was the core prices also fell for the first time since 1982. Wall Street was expecting a 1% rise and it got a 0.1% loss.

Posted by edelfenbein at November 19, 2008 11:42 AM