Inflation data shows US prices were still uncomfortably high last month | CNN Business

New inflation data shows that US prices were still uncomfortably high last month, despite aggressive action from the Federal Reserve

A new batch of inflation data released Friday showed that while prices remained uncomfortably high in September, a slowdown in wage growth indicates some relief may be in sight. That’s an encouraging development for the Federal Reserve, which is battling to bring down the highest inflation in 40 years. The Personal Consumption Expenditures Index, which measures prices paid by consumers for goods and services, climbed by 0.3% from August to September but remained unchanged at 6.

“There are a lot of moving parts, a lot of assumptions, but I think the most likely scenario is that we’re at the worst of the inflation, and it should be back close within spitting distance of the Fed’s [2%] target by spring of 2024,” he said. Consumers are spending — but are being stretched Consumers have been struggling for months with prices that have remained firmly stuck at levels not seen since the 1980s.

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