Consumer prices fell 0.4% in March, the largest decline in five years, with the price of gasoline, airline fares and hotel rooms all down, indicating the coronavirus was having an impact
WASHINGTON —
Consumer prices fell 0.4% in March, the largest decline in five years, revealing the downward pressure that the coronavirus pandemic is exerting on the cost gasoline, airfares, hotel rooms and other goods and services.
Last month’s decline was the largest monthly drop since January 2015, the Labor Department said Friday. Consumer prices rose a slight 0.1 percent in February.
Energy costs slid 5.8% with gasoline prices falling 10.5%. Airfares plunged 12.6% while hotel and motel prices, dropped 6.8%.
The travel industry has been hit hard by the shutdown of much of the country because of the coronavirus.
Consumer prices are up a modest 1.5% over the past year while core inflation, which excludes volatile food and energy, has risen 2.1% over the last 12 months.