US consumer price index (CPI) slipped 0.4% below its year-earlier level in March and recorded their first 12-month decline in over 50 years, since 1955, with energy prices down 23% over 12 months. The "core" CPI, which excludes food and energy prices, was up 1.8%.
Falling prices would make it tougher for borrowers to pay off debt, leading to even more defaults and even tougher lending standards amid continuing credit woes.
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