by Calculated Risk on 1/16/2009 08:34:00 AM

From Rex Nutting at MarketWatch: Consumer prices show smallest gain in 54 years

The consumer price index fell 0.7% in December, the third decline in a row, led by an 8.3% drop in energy prices and a 0.1% drop in food prices.
...
Core prices - which exclude food and energy prices - were flat in December for the second straight month ...

Consumer prices were up 0.1% in 2008, the slowest annual inflation since prices fell 0.7% in 1954. The core CPI was up 1.8% in 2008, the lowest increase since 2003.

More later on CPI.