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US consumer prices dip unexpectedly in March
(Agencies)
Updated: 2009-04-15 23:26

The 0.1 percent dip in consumer prices followed a report Tuesday that inflation at the wholesale level fell 1.2 percent last month, a decline also heavily influenced by a plunge in energy prices.

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Only last summer, Fed officials worried that a surge in energy costs could spread to other areas and boost inflation to unacceptable levels. But after the financial crisis struck in the fall, the central bank switched signals and is aggressively fighting to keep the economy from falling into an even deeper recession.

Job cuts across the economy are expected to keep the lid on wage demands and overall inflation. The government last week reported that the unemployment rate shot up to 8.5 percent in March as businesses cut a net total of 663,000 jobs.

More layoffs were announced this week. UBS AG, Switzerland's largest bank, said it expects a first-quarter loss of about $1.75 billion and will cut 8,700 jobs worldwide by the end of next year. ArcelorMittal SA, the world's largest steel maker, said it will idle a plant in Indiana and lay off about 400 workers. Credit card company Discover Financial Services said it plans to cut 500 jobs next month, or 4 percent of its work force.

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