Fuel drives record drop

Chart shows the percent change from prior month, seasonally adjusted for the past 12 months; 1c x 3 1/4 inches; 47 mm x 83 mm

A record drop in energy costs pushed consumer prices down at the fastest pace in 56 years in November. But it won’t last because gasoline prices are rising again and heating costs are expected to soar this winter.

The Labor Department report on Thursday showed the Consumer Price Index fell by 0.6 percent last month, the biggest decline since a 0.9 percent fall in July 1949. It reflected a record 16 percent drop in gasoline prices.

Pump prices had fallen steadily after surpassing $3 per gallon in early September. But they edged up slightly in the Energy Department’s latest weekly survey.

For November, the underlying or core rate of inflation, which excludes energy and food, rose by 0.2 percent. That matched October’s increase.