Inflation has cooled down significantly, offering relief for households, especially lower-income families. The price index for gross domestic purchases advanced at a 1.8% rate, the smallest gain since the fourth quarter of 2023.
The personal consumption expenditures price index excluding the volatile food and energy components rose at a 2.2% rate, the smallest rise in core inflation in nearly a year.
We anticipate a modest deceleration in GDP growth, as potential shifts in policy next year could impact taxes, government spending and regulation, according to Steve Rick, chief economist at TruStage.
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