Headline consumer prices fell 0.1 percent year over year in January, down from the 0.8 percent increase in December, the first negative year-over-year change since October 2009. Declines in the energy commodities subindex (made up of gasoline and fuel oil) were responsible for much of the deceleration in the headline number. On a one-month basis, the headline consumer price index declined at a 7.9 percent annualized rate, the third consecutive one-month decline. The energy commodities subindex fell 90.73 percent on a one-month annualized basis in December, marking the seventh consecutive monthly decline. The core measure, which excludes food and energy, was up 1.6 percent year over year, matching December's measure.
