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Midwest Consumer Price Index sees record decline

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The Consumer Price Index in the Midwest fell 2.1 percent in November following a 1.5 percent drop in October, resulting in the largest single-month decline in the CPI's 21-year history.

The November decrease was largely due to falling motor fuel prices, according to the U.S. Bureau of Labor Statistics report. Energy prices, which include motor and household fuels, were down 18.3 percent for the month.

Without accounting for energy prices, the Midwest index edged down 0.2 percent for the month and was up 2.3 for the last 12 months.

Of the eight major expenditure categories used to determine the index, a 10.8 percent decrease in transportation costs was the biggest factor in November's results. That included a 32.4 percent drop in motor fuel prices. The transportation declines were the largest month-over-month drops in CPI history.

Housing costs fell 0.4 percent in November.

The remaining six expenditure categories - other goods and services, medical care, recreation, food and beverages, apparel, and education and communication - had little impact on the index, according to the report.[[In-content Ad]]

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