DECREASE: Prices across the board GOING DOWN for consumers

November 20, 2008

Consumer prices on food and energy are falling almost as fast as the Dow Jones.According to Labor Department statistics released yesterday, prices fell one percent last month, which may not seem like a lot, but that’s the biggest monthly percentage drop since WGNS first came on the air in 1947.

The decreases, led by plunging prices at the gas pump, were double the 0.5 percent analysts predicted for October.

Keep in mind it has been over 60-years since such a drop has been calculated and this huge drop in inflation is great news for consumers, many of whom are bruised and battered by devalued stocks, rising unemployment, the depressed housing market and shrinking retirement plans.

Of course, economists are now concerned that if people stop buying things as they wait for prices to fall further, this could lead to deflation, which would hurt businesses across the economic spectrum, particularly retailers, and prolong the recession further.