U.S. Inflation reaches lowest level in 3.5 years

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While monthly inflation experienced a slight uptick, the annual rate continued to ease, meeting expectations.

In September, U.S. inflation, measured by the Federal Reserve’s preferred Personal Consumption Expenditures (PCE) index, slowed to its lowest level in 3.5 years, despite a minor increase on a month-to-month basis.

The Department of Commerce reported a 2.1% annual rise in consumer prices through the PCE index in September, down from 2.3% in August, marking the lowest inflation rate since February 2021. Month-over-month, the PCE index rose 0.2% in September, a slight acceleration compared to August’s 0.1% increase, aligning with analysts’ forecasts. The growth in service prices, which increased by 0.3%, contributed to this monthly rise, while goods prices saw a slight decrease of 0.1%.

Additionally, the core PCE index, which excludes food and energy prices, grew by 2.7% annually in September, unchanged from August but slightly above economists’ projections of 2.6%. Month-over-month, core PCE rose by 0.3% in September, accelerating slightly from August’s 0.2% gain, though results remained in line with forecasts.

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