Inflation in the United States dropped last month to its lowest point since it first began surging more than three years ago, adding to a spate of encouraging...
Consumer prices rose just 2.4% in September from a year earlier, down from 2.5% in August, and the smallest annual rise since February 2021. Measured from month to month, prices increased 0.2% from August to September, the But excluding volatile food and energy costs, “core” prices, a gauge of underlying inflation, remained elevated in September, driven higher by rising costs for medical care, clothing, auto insurance and airline fares. Core prices in September were up 3.
In remarks this week, a slew of Fed officials have said they’re still willing to keep cutting their key rate but at a deliberate pace, a signal that any further half-point cuts are unlikely. Economists at Goldman Sachs projected earlier this week that core inflation will drop to 3% by December 2024. And few analysts expect inflation to surge again unless conflicts in the Middle East worsen dramatically.
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