The U.S. Department of Labor reported the inflation numbers for November yesterday. With seasonal adjustments, the Consumer Price Index for All Urban Consumers (CPI-U) declined by 1.684% in November compared to October and was 1.01% higher than November 2007. This was the largest one month decline since the seasonally adjusted data began in 1947. CPI-U is now 2.793% below the high reached in July 2008.
The New York Times is reporting that the three month change in CPI-U not seasonally adjusted declined by 3.00% and that is the largest drop since 1933. These are truly historic times.
We have gone from inflation concerns in the beginning of the year to facing deflation. The huge rise and fall of inflation was due mostly to the oil bubble. Core CPI (CPI less food and energy) with seasonal adjustments was marginally up by 0.022% compared to October and up by 1.986% compared to a year ago.
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