The latest data showed consumer prices rose slightly in September as the Federal Reserve prepared to cut interest rates and ease off the brakes of the U.S. economy.
The consumer price index, a closely watched gauge of inflation, rose 0.2 percent in September and 2.4 percent over the previous 12 months, the bureau announced Thursday. The annual inflation rate was the lowest since February 2021.
Economists expected prices to rise 0.1 percent in September and 2.3 percent annually, according to consensus estimates, down from 2.5 percent in August.
The new inflation data comes as Vice President Harris is attempting to overcome former President Trump’s edge on the economy with voters.
Harris is aiming to sell voters on the rapid economic recovery from the COVID-19 recession while also showing sensitivity to inflation, which hit four-decade highs in 2022 before dropping sharply over the past 18 months.
The vice president is faring much better in polling on the economy than President Biden had when he was the Democratic presidential nominee, but she is still struggling to close the gap with Trump as prices remain at inflated levels.
The Hill’s Sylvan Lane has more here.
