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November 19th, 2008
Posted: 10:00 AM ET

By David Goldman
CNNMoney.com staff writer
NEW YORK (CNNMoney.com) — Consumer prices fell by a record amount in October, in another worrisome sign about the contracting economy, the government reported Wednesday.

The Consumer Price Index, a key inflation reading, fell 1 percent last month, according to the Labor Department. That was much weaker than September’s flat reading and exceeded the 0.8 percent decline a consensus of economists surveyed by Briefing.com had forecast.

The issue of consumer prices has changed dramatically in recent months. For most of the year, inflation, driven by high energy prices, has caused consumer prices to soar, reaching a 17-year high in July.


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The CNN Wire is a running log of the latest news from CNN World Headquarters, reported by CNN's correspondents and producers, and The CNN Wire editors. "Posted" times are Eastern Time.

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