Prices: A Trip Down Memory Lane

A Trip Down Memory Lane

The last time prices fell so sharply Dwight Eisenhower was in the White House and From Here to Eternity was playing in local movie theaters. The Department of Labor reported last week that the Consumer Price Index fell by 0.4% in February, its steepest decline in more than 32 years. Main reason: a 6.8% drop in energy costs because of plummeting oil prices. Food costs also tumbled, largely as a result of overproduction by U.S. farmers. The average price of fruits and vegetables fell by 13.1%.

Still, economists have not declared inflation to be dead. Many project that the CPI will...

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