Consumer Prices Unchanged in April

Washington, DC, May 15, 2009--Consumer prices were unchanged in April as both food and energy costs declined to offset gains elsewhere.

Prices over the past year fell by the largest amount in more than a half-century, the government said Friday.

Meanwhile, the Fed said the nation's industrial production fell in April by the smallest amount in six months, more evidence that the pace of the economy's decline is slowing.

The Labor Department said its Consumer Price Index was flat last month, meeting economists' expectations. The index reflected a second monthly drop in energy costs and a third straight decline in food prices.

Over the past year, consumer prices have fallen 0.7 percent, the largest 12-month decline since a similar drop for the 12 months ending in June 1957.

gy, rose 0.3 percent last month, the biggest jump since July. However, 40 percent of April's gain came from a huge rise in tobacco prices, reflecting an increase in federal taxes.