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Summary US consumer prices fell in May pulled down by falling gasoline prices.
However, the core inflation indicator picked up speed for the third consecutive month, the Labor department reported Thursday.The broad consumer price index fell 0.3 percent, taking the year-on-year rate to 1.7 percent.But stripping out more volatile fuel and food prices, the core CPI -- a key referent for the Federal Reserves interest rate-setting policies -- rose 0.2 percent the same pace as the previous two months and a 2.3 percent annual core inflation rate from May 2011.
