Nov. 19 (Bloomberg) -- The cost of living in the U.S. fell by the most on record as fuel costs plummeted and retailers used discounts for cars and clothing to entice consumers hobbled by job losses and sinking home values.

Consumer prices plunged 1 percent last month, more than forecast and the most since records began in 1947, after being unchanged the prior month, the Labor Department said in Washington. Excluding food and energy, so-called core prices unexpectedly fell for the first time since 1982.

Today's report signals deflation, or a prolonged slide in prices, may become another hazard facing Federal Reserve Chairman Ben S. Bernanke and President-elect Barack Obama. Deflation could worsen what some economists already call the deepest recession in decades, by making debts harder to pay off and countering the impact of Fed interest-rate cuts.

``We are moving into an environment where prices are falling across the board,'' David Resler, chief economist at Nomura......

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Title: Langer
Approximate Word Count: 625
Approximate Pages: 3 (250 words per double-spaced page)

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