The U.S. Labor Department released consumer price inflation data today. The U.S. consumer price inflation fell 0.3% in November, missing expectations for a 0.1% decrease, after a flat reading in October. That was largest decline since December 2008.

The declines was driven by lower gas prices. Gas prices slid 10.5% in November, the largest decline in nearly six years.

On a yearly basis, the U.S. consumer price index fell to 1.3% in November from 1.7% in October.

The U.S. consumer price inflation excluding food and energy climbed 0.1% in November, in line with expectations, after a 0.2% rise in October.

On a yearly basis, the U.S. consumer price index excluding food and energy decreased to 1.7% in November from a 1.8% gain in October.

Energy costs dropped 3.8% in November.

Gasoline prices declined 6.6% in November, while food prices rose 0.2%.