WASHINGTON (dpa-AFX) - Falling energy prices drove a larger than expected drop in consumer prices in May, according to figures released Thursday by the Labor Department.
The consumer price index, a measure of inflationary pressure on the economy, fell by 0.3 percent in May after remaining relatively unchanged, a 0.0 percent change, in April.
Most economists had expected to see consumer prices decline, but by a somewhat smaller 0.2 percent level.
Compared to May 2011 levels, however, consumer prices were up 1.7 percent for the year.
Excluding the volatile food and energy sectors, 'core' consumer prices rose by 0.2 percent in May, matching similar increases in both April and March.
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