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US inflation falls to 2.1%, just above Fed's target
The Guardian
|November 01, 2024
A closely watched measure of US inflation has slipped to its lowest level since 2021, within striking distance of policymakers' target, after the Federal Reserve scrambled to bring down price growth from its highest level in a generation.
The personal consumption expenditures (PCE) price index rose at an annual rate of 2.1% last month, down from 2.2% in August and in line with economists' expectations.
The progress was underlined by official data released five days before the US presidential election.
The state of the world's largest economy - and the cost of living in it - has played a central role in the contest between Kamala Harris and Donald Trump to succeed Joe Biden.
Inflation surged three years ago, peaking at its highest level in four decades as the impact of Covid-19 continued to disturb the global economy.
This story is from the November 01, 2024 edition of The Guardian.
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