11 sources·Business

Inflation Rate Nears 2% Target Amid High Consumer Spend

The latest inflation data reveals a 2.1% annual rate, with pressures easing slightly ahead of major Fed decisions and the upcoming presidential election.

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Updated: Oct 31st, 2024, 5:08 PM ET

Summary

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The September inflation rate is reported at 2.1%, signaling relief for consumers as core inflation holds steady at 2.7%. Consumer spending rose by 0.5%, supporting a robust economic environment. The Federal Reserve is expected to cut rates by a quarter-point during its upcoming meeting, influenced by the mixed inflation data and consumer trends. Despite eased inflation pressures, some core prices remain higher, raising caution among economists. With the election on the horizon, economic sentiments are mixed as candidates address inflation concerns, while markets anticipate further rate adjustments by the Fed.

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