New York CNN —
Americans and Federal Reserve officials have news to celebrate: Inflation cooled significantly last month, likely giving central bankers more confidence to continue cutting interest rates.
The Fed’s favorite inflation gauge, the Personal Consumption Expenditures price index, showed consumers paid 2.2% more for goods and services for the year ended in August, versus 2.5% in July. This marks another step closer toward the Fed’s 2% inflation target, as well as the lowest inflation rate seen since February 2021, when inflation clocked in at 1.9%.
The annual increase was below the 2.3% rate
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