Mon Oct 14 14:42:01 UTC 2024: ## Inflation Slows Down Ahead of Election, But Costs Remain High
**Washington, D.C.** – Inflation slowed to its lowest pace in over three years last month, bringing some relief to consumers heading into the presidential election. The Bureau of Labor Statistics reported that the consumer price index (CPI) rose 2.4% in September, down from 2.5% in August. This marks the slowest annual inflation rate since February 2021.
While the news is positive, some concerns remain. Despite a significant drop in gasoline prices, the “core” CPI, which excludes volatile food and energy costs, increased at an annual rate of 3.3%. Food and shelter costs, key contributors to the overall increase, rose 0.4% and 0.2% respectively.
The Federal Reserve, which aggressively raised interest rates to combat inflation, began cutting rates last month as the economy appears to be growing at a robust pace. American employers added 254,000 jobs in September, defying predictions of a slowdown in the labor market.
White House National Economic Advisor Lael Brainard celebrated the news, stating: “We keep making progress, with inflation returning to pre-pandemic levels, 16 million jobs created, lower interest rates, and low unemployment.”
Despite the slowdown, inflation remains a key issue in the upcoming election. Voters are closely watching the cost of living, and the Federal Reserve’s efforts to control inflation will continue to be a major factor in the economic outlook.
First Piper 