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

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

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.

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

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

WASHINGTON - Inflation increased slightly in September and moved closer to the Federal Reserve’s target, according to a Commerce Department report Thursday. The personal consumption expenditures price index showed a seasonally adjusted 0.2% increase for the month, with the 12-month inflation rate at 2.1%, both in line with Dow Jones estimates. The Fed uses the PCE reading as its primary inflation gauge, though policymakers also follow a variety of other indicators. Fed officials target inflation at a 2% annual rate, a level it has not achieved since February 2021. The September headline rate was down 0.2 percentage point from August. Though the headline number showed the central bank nearing its goal, the inflation rate was at 2.7% excluding food and energy, after the so-called core measure increased 0.3% on a monthly basis. The annual rate was 0.1 percentage point higher than forecast but the same as in August. The move in inflation was tilted toward services prices, which increased 0.3%, while goods prices…

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

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.

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.

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.