Inflation in the United States dropped to its lowest point since surging over three years ago, with consumer prices rising just 2.4% in September from a year earlier. This marks the smallest annual increase since February 2021, indicating a steady easing of inflation back towards the Federal Reserve's 2% target. Notably, gas prices contributed significantly to this decrease, falling by 4.1% last month.
Core prices, which exclude food and energy, remained elevated at 3.3% year-on-year and 0.3% month-on-month. These core prices reflect underlying trends in inflation and are closely monitored by economists as they offer insights into future inflation. The slower growth in apartment rental costs suggests that housing inflation may finally be cooling, which can relieve financial pressure on consumers.
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