The 0.4% m/m decline in consumer prices in March, which was principally due to a 10.5% m/m drop in gasoline prices, pushed the annual rate of headline CPI inflation down to 1.5%, from 2.3%. But that is just a small taste of what is to come. Based on the collapse in crude oil prices and wholesale gas prices, headline inflation will temporarily fall to near-zero for a few months.
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