Chart 2
Consumer Commodity Prices Have Experienced
Significant Deflationary Pressure While Prices For
Services Continue To Rise

Year-Over-Year Changes in the Consumer Price Index
Date Commodity
Prices
Prices of
Services
1989:Q1 4.53% 4.83%
1989:Q2 5.54% 4.97%
1989:Q3 4.33% 5.04%
1989:Q4 4.27% 4.98%
1990:Q1 5.27% 5.12%
1990:Q2 3.65% 5.32%
1990:Q3 5.18% 5.80%
1990:Q4 6.72% 5.86%
1991:Q1 4.39% 6.03%
1991:Q2 4.26% 5.34%
1991:Q3 2.89% 4.68%
1991:Q4 1.16% 4.50%
1992:Q1 1.56% 3.95%
1992:Q2 1.82% 4.06%
1992:Q3 2.21% 3.79%
1992:Q4 2.22% 3.81%
1993:Q1 2.42% 3.78%
1993:Q2 2.15% 3.94%
1993:Q3 1.39% 3.93%
1993:Q4 1.53% 3.70%
1994:Q1 1.09% 3.71%
1994:Q2 1.19% 3.31%
1994:Q3 2.38% 3.22%
1994:Q4 2.07% 3.11%
1995:Q1 2.37% 3.18%
1995:Q2 2.56% 3.47%
1995:Q3 1.64% 3.44%
1995:Q4 1.53% 3.48%
1996:Q1 2.19% 3.26%
1996:Q2 2.42% 3.11%
1996:Q3 2.36% 3.31%
1996:Q4 3.04% 3.30%
1997:Q1 2.45% 3.30%
1997:Q2 1.29% 3.13%
1997:Q3 1.33% 2.92%
1997:Q4 0.59% 2.87%
1998:Q1 -0.09% 2.70%
1998:Q2 0.07% 2.74%
1998:Q3 0.14% 2.61%
1998:Q4 0.14% 2.59%
1999:Q1 0.59% 2.50%
1999:Q2 1.62% 2.43%
1999:Q3 2.11% 2.49%
1999:Q4 2.69% 2.56%
2000:Q1 3.69% 2.94%
2000:Q2 3.45% 3.21%
2000:Q3 3.22% 3.70%
2000:Q4 2.83% 3.90%
2001:Q1 1.94% 4.43%
2001:Q2 1.93% 4.43%
2001:Q3 0.78% 4.08%
2001:Q4 -0.71% 3.67%
2002:Q1 -1.37% 3.12%
2002:Q2 -1.19% 3.09%
2002:Q3 -0.57% 3.12%
2002:Q4 0.74% 3.34%

Source: Bureau of Labor Statistics