Inflation has been cooling for two years, with prices climbing just 2.1 percent year over year in September, nearing the Federal Reserve's inflation goal.
Core inflation, which excludes food and fuel costs, rose 2.7 percent in September, unchanged from previous readings, suggesting progress but also indicating persistent inflation challenges.
Omair Sharif noted that although the Federal Reserve has made progress in controlling inflation, more work is needed as stubborn inflation may affect decisions on future rate cuts.
After aggressively raising interest rates to control inflation through 2022 and early 2023, the Fed made a notable change by cutting rates for the first time in four years.
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