US inflation falls to 2.1%, almost meeting Federal Reserve target | Inflation

A closely watched measure of U.S. inflation fell to its lowest level since 2021, within reach of policymakers' target, after the Federal Reserve rushed to lower price growth by its most high level for a generation.

The personal consumption expenditures (PCE) price index rose at an annual rate of 2.1% last month, up from 2.2% in August and in line with economists' expectations.

This progress was underlined by official data released five days before the US presidential election.

The state of the world's largest economy and the cost of living played a central role in the fight between Kamala Harris and Donald Trump to succeed Joe Biden.

Inflation surged three years ago, reaching its highest level in four decades as the impact of Covid-19 continued to disrupt the global economy.

Fed officials, after initially insisting that an acceleration in price growth would be transitory, then engineered an extraordinary about-face and embarked on an aggressive campaign to fix it. The Fed would continue to raise interest rates to their highest level in two decades and only began cutting them last month.

The central banks' effort aimed to bring inflation back to its 2% target.

The core PCE index, which excludes volatile food and energy costs, rose 2.7% in September, in line with recent months but slightly above economists' expectations of 2.6 %.

While inflation has fallen dramatically, years of rising prices continue to take a toll on many Americans. The economy remained remarkably resilient and continued to grow at a healthy pace in the third quarter, according to data released Wednesday, but nearly half of voters wrongly believe the United States is in recession, according to a Harris poll conducted exclusively for the Guardian last month. .

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Such polls have frustrated Biden. When the president withdrew from the election this summer, making way for Harris, his vice president was more willing to acknowledge that the cost of living remained simply too high for many.

While Trump has claimed America is in economic decline, the White House has sought to highlight positive economic numbers in recent months. Hiring accelerated unexpectedly in September and data for October will be released on Friday.

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