CONSUMER ALERT: Monthly Inflation Retreats On Lower Gas Prices - Spokane, North Idaho News & Weather KHQ.com

CONSUMER ALERT: Monthly Inflation Retreats On Lower Gas Prices

NEW YORK (CNNMoney) -- Falling prices at the pump pushed inflation lower in June, but consumers are still paying significantly more than they were last summer.

The Consumer Price Index, the government's key inflation measure, fell 0.2% in the month, led by a 6.8% drop in gasoline prices over the same period. It was the first time in a year the monthly CPI reading decreased.

Economists surveyed by Briefing.com were expecting the rate to fall by 0.1% in June.

"The decline in overall inflation is a positive for consumer spending," said Joseph LaVorgna, chief U.S. economist for Deutsche Bank. "In general, lower gasoline prices are hugely stimulative to households - every one cent decline in gasoline prices frees up $1 billion in aggregate cash flow." >>>CLICK HERE TO READ MORE

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