FXstreet.com (Barcelona) - Consumer prices have hardly changed in the year 2008, as a result of a sharp decline in oil prices and the global recession, according to figures released by the U.S. Labor Department.

Inflation at consumer level has declined 0.7% in December, the fourth decline in prices in the last five months. December's decline has been driven, mainly by energy prices, particularly gasoline prices.

Energy prices have posed a 8.3% fall in December, with gasoline prices falling 17.2%. Food prices have edged down 0.1% in December. Excluding food and energy, the Core Consumer Prices Index has remained unchanged from November.

Consumer prices have increased a mere 0.1% from December 2007, this is the lowest CPI annual growth since the 0.7% decline posted in 1954. In the year 2007, consumer prices posted a 4.1% increase.