U.S. Markets closed

News Summary: Cheaper gas keeps inflation down

The Associated Press

PRICES DROP: A steep fall in gas costs pushed down consumer prices last month. The seasonally adjusted consumer price index dropped 0.3 percent in November from October.

CHEAPER GAS: Gas prices fell 7.4 percent, the biggest drop in nearly four years. Excluding the volatile food and gas categories, core prices ticked up 0.1 percent in November.

INSIGNIFICANT INFLATION: In the past year consumer prices have risen 1.8 percent, down from October's 12-month increase of 2.2 percent. Core prices have risen 1.9 percent in the past year — below the Fed's target of 2 percent.