The US Federal Reserve's preferred inflation measure cooled further last month and now sits just above its long-term target, according to government data published Thursday, shortly before the presidential election. Given the surge in post-pandemic inflation, the fact that headline inflation now sits just a tenth of a percentage point away from the Fed's target is a significant achievement.

The US Federal Reserve's preferred inflation measure cooled further last month and now sits just above its long-term target, according to government data published Thursday, shortly before the presidential election. Given the surge in post-pandemic inflation, the fact that headline inflation now sits just a tenth of a percentage point away from the Fed's target is a significant achievement.

Overall inflation slowed in September from a year earlier, though some signs of stubbornness lingered under the surface.

The report was one of the last looks at the state of the economy voters will get before next Tuesday's election.

The personal consumption expenditures price index was expected to increase 0.2% in September and 2.1% from a year ago.

Oct. 31 (UPI) -- The Federal Reserve's key inflation rate, the personal consumption expenditures price index, rose in line with expectations in September, the Commerce Department's Bureau of Economic analysis reported Thursday.

As a presidential race profoundly shaped by Americans’ frustration with high prices nears its end, the government said Thursday that an inflation gauge closely watched by the Federal Reserve has dropped to near pre-pandemic levels.