A key measure of U.S. consumer prices declined in April by the most on record as travel and apparel spending collapsed during the coronavirus pandemic.
The overall CPI declined 0.8% in April from a month earlier, the most since December 2008, as gasoline prices plunged 20.6%. Annual consumer inflation slowed to 0.3%, the smallest increase since 2015. Prices for apparel, car insurance, airfares and hotel stays all posted record monthly declines as Americans all but stopped driving, flying and buying new clothes during the pandemic. Those all contributed to the unprecedented drop in the core index.
Lol, this is what happens when businesses demand to reopen, but the people don’t want to go back out.
Therefore, “opening-up” not relevant if consumers not there to engage. N’est-ce pas?
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