U.S. consumer prices post first decline in 16 months

The U.S. Consumer Price Index dropped 0.2 percent in August, according to the Labor Department, the first decrease since April 2013.

Lower energy prices were credited for the decrease and also offset the 0.2 percent increase in costs for food and shelter, according to Reuters.
 
The drop in the CPI is expected to influence the Federal Reserve's decision whether or not to increase interest rates, Reuters reports.

Read more from Reuters.