Few Signs of Inflation in May

Washington, DC, June 14, 2012 --  U.S. consumer prices fell 0.3% in May, the biggest decline in three and a half years, according to the Labor Department.

Prices fell thanks mostly to lower gasoline prices. The gas index sank 6.8%, the largest drop since December 2008.

So-called core prices, which strip out volatile food and energy costs, rose a seasonally adjusted 0.2% last month.

Consumer prices have risen an unadjusted 1.7% over the past 12 months, down from 2.3% in April.