Inflation fell to 2.1% for September in Fed’s preferred gauge days before election
By
Zach Halaschak
October 31, 2024 8:34 am
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Inflation cooled two-tenths of a percentage point to 2.1% for the year ending in September, the Bureau of Economic Analysis reported Thursday in an update to the personal consumption expenditures index.
Inflation in the PCE index, which is the gauge favored by the Federal Reserve, is now clocking in at the lowest rate since February 2021, just after President Joe Biden took office. Thursday’s report, the last such update before the election, is good news for Vice President Kamala Harris, who is trying to convince voters that they won’t feel the pain of inflation under her presidency as they did under Biden.
The consensus among economists was that PCE inflation would fall slightly from 2.2 to 2.1%.
From August to September, inflation rose 0.2%, about in line with forecast expectations.
Core PCE inflation, a measure of inflation that strips out volatile energy and food prices, remained at a 2.7% year-over-year rate.
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https://www.washingtonexaminer.com/policy/finance-and-economy/3210308/inflation-september-federal-reserve-election/
