By
CNN
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America’s inflation continued to slow in September, reaching a fresh three-and-a-half-year low and coming in at a pace that’s similar to what was seen in 2017 and 2018, according to data released Thursday.
The Consumer Price Index, which measures price changes across commonly purchased goods and services, was 2.4% for the 12 months ended in September, slowing from a 2.5% annual rate in August, according to the latest Bureau of Labor Statistics report.
That’s less of a cooldown than economists were expecting – FactSet consensus estimates were for a 2.3% rise – however, inflation as measured by the CPI is at its slowest rate since February 2021.
But the latest snapshot also showed how challenging it is to rein in high inflation: Some price hikes remained stubborn, while other categories highlight how factors such as weather, disease and war could jolt costs higher — albeit likely temporarily.
High inflation, rather, is “dying, but not dead,” noted Olu Sonola, Fitch Ratings’ head of US economic research.
On a monthly basis, prices rose 0.2%, in line with the advance in August but faster than economists’ projections of 0.1%.
A jump in food prices — a sweeping bird flu has caused egg prices to spike — combined with ongoing, but easing, shelter-related inflation drove the overall CPI higher last month, despite falling gas prices, BLS said.
Stripping out food and energy costs, categories that are typically quite volatile, core CPI rose 0.3% in September, bringing the annual rate up to 3.3% after holding firm at 3.2% the past two months.
So that’s a mixed bag of data for the Federal Reserve to pore over as it considers whether to lower its interest rates again earl …
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