Cheaper gas keeps prices in check

Con­sumer in­dex falls and ‘in­fla­tion is not a prob­lem,’ an­a­lyst says.

Austin American-Statesman - - BUSINESS - Econ­omy

WASHINGTON — A steep fall in gaso­line costs pushed down a mea­sure of U.S. con­sumer prices last month, keep­ing in­fla­tion mild.

The sea­son­ally ad­justed con­sumer price in­dex dropped 0.3 per­cent in Novem­ber from Oc­to­ber, the La­bor De­part­ment said Fri­day. Gas prices fell 7.4 per­cent, the big­gest drop in nearly four years. That off­set a 0.2 per­cent rise in food prices.

In the past year, con­sumer prices have risen 1.8 per­cent, down from Oc­to­ber’s 12month in­crease of 2.2 per­cent.

On Wall Street, stocks fell Fri­day, dragged down in part by a slide from Ap­ple Inc., the most valu­able com­pany in the na­tion.

Ap­ple’s stock dropped af­ter the launch of the iPhone 5 in Bei­jing failed to draw the long lines of cus­tomers that showed up for pre­vi­ous ver­sions of the iPhone.

Ap­ple lost $19.90 to close at $509.79.

The Stan­dard & Poor’s 500 in­dex fell 5 points to close at 1,413, while the Nas­daq com­pos­ite sank 20 points to 2,971. Ap­ple is the big­gest stock in both in­dexes. The Dow Jones in­dus­trial av­er­age, which doesn’t in­clude Ap­ple, fell 35

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