Consumer Price Index Falls for First Time in Two Years

Consumer prices fell in August for the first time in almost two years, the Labor Department said Tuesday.

The consumer price index, the government’s main gauge of inflation, fell 0.1% after a 0.8% jump in July, Labor said. The dip matched economists’ forecasts, Bloomberg reported.

The so-called core CPI excluding food and energy rose 0.2%, following a 0.3% gain.

Prices have increased 5.4% in the past 12 months through August.

The CPI is the government’s broadest gauge of costs for goods and services. Almost 60% of the CPI covers prices consumers pay for services.

If consumer prices are climbing, it could reflect an increase in demand for consumer goods, which increases the demand for trucking services.