The consumer price index dropped 1.7% on a seasonally adjusted basis last month as reported by the Bureau of Labor Statistics of the U.S. Department of Labor.  Falling oil and gas prices, was the biggest catalyst for the decline in the overall index.  Excluding energy, the CPI index was unchanged for November.  The energy component decreased 17.0% for the month.   Overall, the November CPI level of 212.425 was 1.1 percent higher than in November of 2007.  Excluding food and energy, the CPI was up 2.0 percent since November 2007.  For the first eleven months of 2008, the CPI index rose at a seasonally adjusted annualized rate of 0.7 percent after increasing 4.1 percent in all of 2007.

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