In September, inflation in the US slightly increased, moving closer to the Federal Reserve’s target of 2%. The personal consumption expenditures price index rose by 0.2% for the month, with a 12-month inflation rate of 2.1%, in line with expectations. The Fed uses this index to gauge inflation. Inflation excluding food and energy was at 2.7%, with services prices rising and goods prices falling. Markets expect the Fed to cut its benchmark rate next week. Despite concerns about inflation, income and spending held up in September. Meanwhile, the employment cost index increased by 0.8% in the third quarter.
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