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Consumer prices rose 2.4% in September compared to a year ago, cooling slightly from the previous month and inching the U.S. closer to a “soft landing,” in which inflation returns to normal and the economy averts a recession.While welcome news for the Federal Reserve, the fresh data showed a smaller decrease of inflation than economists expected.The report marks the final update of the nation’s preeminent inflation gauge ahead of the presidential election next month. Price increases have proven a major point of contention between Vice President Kamala Harris and former President Donald Trump.Inflation has slowed dramatically from a peak of about 9% in 2022, hovering right near the Federal Reserve’s target rate of 2%.The latest data indicated a gradual slowdown from a 2.5% inflation rate recorded over the prior month.The inflation reading arrived about three weeks after the Federal Reserve cut its benchmark interest rate a half of a percentage point. The move dialed back the central bank’s yearslong inflation fight, signaling a shift toward greater focus on ensuring a strong labor market.”This recalibration of our policy stance will help maintain the strength of the economy and the labor market,” Fed Chair Jerome …
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