US Inflation Shows Signs of Cooling but Challenges Persist
Despite a slight rise in core inflation, overall consumer prices have reached their lowest point in three years, influencing Federal Reserve rate decisions.
- September's Consumer Price Index rose by 2.4% year-over-year, slightly above expectations, but marks the smallest annual increase since early 2021.
- Core inflation, excluding food and energy, increased by 3.3% over the past year, driven by higher costs in sectors like medical care and auto insurance.
- The Federal Reserve is expected to continue lowering interest rates gradually, with a 25 basis point cut anticipated in November.
- Job market data remains robust, with 254,000 new jobs created in September, complicating the Fed's task of balancing inflation with employment goals.
- Food prices saw a notable increase, with a 0.4% rise in September, impacting Americans' budgets amid broader economic improvements.
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