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US consumer price index May 2020

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A man pushes his shopping cart past bread for sale at a Walmart Supercenter store in Rosemead, California on May 23, 2019.

Frederic J. Brown | AFP | Getty Images

U.S. consumer prices fell for a third straight month in May as demand remained subdued amid a recession caused by the Covid-19 pandemic.

The Labor Department said on Wednesday its consumer price index dipped 0.1% last month after plunging 0.8% in April, which was the largest decline since December 2008. In the 12 months through May, the CPI gained 0.1% after climbing 0.3% in April.

Economists polled by Reuters had forecast the CPI unchanged in May and gaining 0.2% year-on-year.

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