The Labor Department announced on Tuesday the U.S. consumer price index (CPI) fell 0.8 percent m-o-m in April, following an unrevised 0.4 percent m-o-m decline in the previous month. That marked the largest monthly decline since December 2008.

Over the last 12 months, the CPI rose 0.3 percent y-o-y last month, following an unrevised 1.5 percent m-o-m advance in the 12 months through March. That the lowest inflation rate since October 2015.

Economists had forecast the CPI to decline 0.8 percent m-o-m and to increase 0.4 percent y-o-y in the 12-month period.

According to the report, a 20.6-percent m-o-m plunge in the gasoline index was the largest contributor to the April decrease in the seasonally adjusted all items index, but the indexes for apparel (-4.7 percent m-o-m), motor vehicle insurance (-7.2 percent m-o-m), airline fares (-15.2 percent m-o-m), and lodging away from home (-7.1 percent m-o-m) all fell sharply as well. In contrast, food indexes rose in April, with the index for food at home (+2.6 percent m-o-m) recording its largest monthly increase since February 1974.

Meanwhile, the core CPI excluding volatile food and fuel costs dropped 0.4 percent m-o-m in April after a 0.1 percent m-o-m fall in the previous month. That marked the largest monthly decline on record.

In the 12 months through April, the core CPI rose 1.4 percent, following a 2.1 percent advance in the 12 months ending March. That was the lowest rate since April 2011.

Economists had forecast the core CPI to drop 0.2 percent m-o-m but to rise 1.7 percent y-o-y last month.