The U.S. Labor Department released consumer price inflation data on Thursday. The U.S. consumer price inflation fell 0.7% in January, missing expectations for a 0.6% decrease, after a 0.4% decline in December. That was largest decline since December 2008.

The declines was driven by lower gasoline prices. Gasoline prices dropped 18.7 in January, the biggest decline since December 2008.

On a yearly basis, the U.S. consumer price index fell to -0.1% in January from 0.8% in December. That was the lowest level since October 2009.

The U.S. consumer price inflation excluding food and energy gained 0.2% in January, exceeding expectations for a 0.1% increase, after a flat reading in December.

On a yearly basis, the U.S. consumer price index excluding food and energy remained unchanged at 1.6% in January.

Energy costs dropped 9.7% in January, the largest drop since November 2008.