Consumer price index toppled 1.7% in November

The consumer price index, which measures the cost of living, fell by a record 1.7% in November, as gasoline and other energy prices plunged, according to a Department of Labor report. The reading, which followed a 1% decrease in October, marked the second consecutive record monthly decline. It was larger than the 1.3% decrease that was estimated by economists surveyed by Briefing.com Inc. of Chicago. Energy prices fell 17% in November, which was nearly double the 8.6% decline that was recorded in October. Food prices inched up 0.2% in November. The core consumer price index, which excludes the cost of food and energy prices, was unchanged. Economists surveyed by Briefing.com had forecasted a 0.1% increase in the core rate.