WASHINGTON — Consumer prices fell slightly in September but were 4.9% higher than a year ago, the Labor Department reported today.
The consumer price index fell .1% from August to September, fueled by a drop in energy costs.
Overall energy costs fell 1.9% last month. Motor fuel fell .8% in September, but was 31.8% higher than September 2007.
The CPI rose at the following rates in these categories: .6% for food and beverages; .3% for medical care, .2% for recreation and .1% for education.
The CPI fell in the following areas: -1% for housing; -1% for apparel, and -.6% for transportation.
The higher prices were yet another indication that the economy is still underperforming with few signs of an improvement in the short term. Many economists have said they don't expect a significant turnaround to start until the first half of 2009.
Federal Reserve Chairman Ben Bernanke said Wednesday that despite recent steps by the government to stabilize the economy, things won't improve in the short term.
“Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away,” he sad in a speech to the Economic Club of New York.
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