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Downtown Los Angeles on May 5. Photo: Al Seib/Los Angeles Times via Getty Images

The U.S. consumer price index dropped by 0.8% in April, the second straight month prices have fallen and biggest decline since 2008, the Bureau of Labor Statistics announced on Tuesday. The consumer-price index excluding food and fuel costs fell 0.4%, the largest monthly decrease for that indicator.

Why it matters: The number illustrates how business closures and government restrictions due to the coronavirus have slashed demand. Gasoline prices fell by 20.6% during the month. The indexes for apparel, motor vehicle insurance and airline fares all posted record declines, per Bloomberg. Lodging also fell sharply.

  • But the cost of food at home surged 2.6%, its biggest increase since 1974.

Go deeper

Dion Rabouin, author of Markets
Aug 12, 2020 - Economy & Business

Gold had its worst day in 7 years, but investors remain bullish

Data: FactSet; Chart: Axios Visuals

Gold fell by 2% on Tuesday with some ETFs seeing prices decline by 5% or more as investors took profits on the precious metal after a rally that has pushed gold to record highs near $2,100 per troy ounce.

Why it matters: It was the third straight session that gold fell, the longest losing streak since June, after seven days of appreciation, and the worst selloff since 2013.

Updated 5 hours ago - World

U.S. airstrike kills senior al-Qaeda leader in Syria, DOD says

A displacement camp near the village of Qah in Syria's northwestern Idlib province. Photo: Ahmad Al-Atrash/AFP via Getty Images

A U.S. airstrike in northwest Syria on Friday killed senior al-Qaeda leader Abdul Hamid al-Matar, U.S. Central Command said in a statement.

Why it matters: Syria serves as a "safe haven" for the extremist group to plan external operations, according to U.S. Army Maj. John Rigsbee.

Updated 10 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.