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Reflecting a steep drop in energy prices, the Labor Department released a report on Wednesday showing a modest decrease in U.S. consumer prices in the month of May.

The report said the consumer price index edged down by 0.1 percent in May after rising by 0.2 percent in April. Economists had expected prices to come in unchanged.

Excluding food and energy prices, core consumer prices inched up by 0.1 percent in May, matching the uptick seen in the previous month. Core prices had been expected to rise by 0.2 percent.