U.S. Consumer Prices Edge Down 0.1% In May

After reporting the biggest drop in U.S. consumer prices in over a decade in the previous month, the Labor Department released a report on Wednesday showing a modest decrease in consumer prices in the month of May.

The Labor Department said its consumer price index edged down by 0.1 percent in May after slumping by 0.8 percent in April. Economists had expected consumer prices to come in unchanged.

The dip in consumer prices came as lower prices for motor vehicle insurance, energy, and apparel more than offset increases in prices for food and shelter.

The report said core consumer prices, which exclude food and energy prices, also slipped by 0.1 percent in May after falling by 0.4 percent in April. Core prices were also expected to come in unchanged.

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