Inflation cooled even further last month, likely solidifying more rate cuts

  • CNN
  • October 31, 2024
CNN

 — 

Inflation is just a hair's breadth from the Federal Reserve's 2% target.

The Personal Consumption Expenditures price index, which is the Fed's preferred inflation gauge, showed prices rose 2.1% for the year ended in September, a slowdown from 2.3% in August, according to Commerce Department data released Thursday.

The annual increase fell right in line with what economists were expecting, according to FactSet consensus estimates.