WASHINGTON (AP) -- Consumer prices in November plunged by the largest amount on records going back 61 years as energy costs posted nearly double the decline of the previous month.
The Labor Department reported Tuesday that consumer prices fell 1.7 percent in November, surpassing the previous record decline of 1 percent set in October.
Both drops were the largest one-month declines on records dating to February 1947.
The big declines reflect the severe recession gripping the country and raise the pressure for the Federal Reserve to act decisively to guard against a debilitating bout of deflation.
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