The U.S. Labor Department released consumer price inflation data on Friday. The U.S. consumer price inflation fell 0.4% in December, missing expectations for a 0.3% decrease, after a 0.3% decline in November. That was largest decline since December 2008.

The declines was driven by lower gasoline prices.

On a yearly basis, the U.S. consumer price index fell to 0.8% in December from 1.3% in November, missing forecasts of a decline to 1.0%.

The U.S. consumer price inflation excluding food and energy was flat in December, missing expectations for a 0.1% gain, after a 0.1% rise in November.

On a yearly basis, the U.S. consumer price index excluding food and energy decreased to 1.6% in December from a 1.7% gain in November. Analysts had expected consumer inflation to remain unchanged at 1.7%.

Energy costs dropped 4.7% in December, the largest drop in six years.

Gasoline prices declined 9.4% in December, while food prices rose 0.3%, the largest rise since September 2014.