The personal consumption expenditures (PCE) price index rose at an annual rate of 2.1% last month, down from 2.2% in August and in line with economists' expectations.
The central bank's effort was designed to bring inflation down to its target of 2%, and only started to cut interest rates last month.
While inflation has fallen dramatically, years of price increases continue to take their toll on many Americans, suggesting a disconnect between economic data and public perception.
Almost half of voters wrongly believe the US is in recession, according to a Harris Poll conducted exclusively for the Guardian last month, illustrating a gap in public awareness.
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