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US inflation goes negative

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US inflation goes negative

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Consumer prices in the US have seen their biggest fall since 2008 driven by the drop in the oil price.

The Labor Department said the Consumer Price Index was down 0.7 percent last month following on from the 0.3 percent decline in December.

Business investment also bounced back in January after four months of falls.

Consumer prices, excluding food and energy costs, increased by a seasonally adjusted 0.2 percent in January, above expectations for a 0.1 percent increase. Core consumer prices were flat in December.