Consumer price index dropped unexpectedly in April

For the first time in more than a year, the consumer price index dropped unexpectedly in April.

Consumer prices declined 0.1 percent last month, the first time since March 2009, behind a fall in energy prices while core inflation rose during the past year at the slowest pace since 1966, according to Labor Department figures released Wednesday. 

Economists had predicted an increase of 0.1 percent last month. 

Core inflation, which excludes food and energy prices, remained flat, rising only 0.9 percent during the past 12 months. 

Energy prices reflected big declines in April, dropping 1.4 percent, while gasoline prices fell 2.4 percent. Food prices made a modest 0.2 percent advance. 

Low inflation could raise concerns of deflation but it's unlikely, as the economy continues to show signs of recovery. 

Inflation has remained in check since the recession began in December 2007, allowing the Federal Reserve to keep interest rates historically low — near zero — to provide an impetus for economic expansion. Fed officials have expressed the need to keep interest rates low for the foreseeable future, while acknowledging they could change rates at any time if the economy warrants.