CNN —
Inflation has slowed further and is just a hair’s breadth from the Federal Reserve’s 2% target.
The Personal Consumption Expenditures price index, which is the Fed’s preferred inflation gauge, showed prices rose 2.1% for the year ended in September, a slowdown from 2.3% in August, according to Commerce Department data released Thursday.
The annual increase, which marks a fresh three-and-a-half-year low, fell right in line with what economists were expecting, according to FactSet consensus estimates.
The latest inflation reading provided further confirmation that these atypically high price hikes have been
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