US inflation slows to 2.4% in September

US consumer price growth eased slightly in September as Federal Reserve policymakers weigh their next move on interest rate cuts ahead of the November meeting.

Data released on Thursday showed the CPI rose 2.4% year-on-year (YoY), down from 2.5% in August. However, it still exceeded expectations of a 2.3% increase. On a monthly basis, prices were up 0.2%.

The core CPI, which excludes food and energy, rose by 3.3% YoY, up from 3.2% in August, and increased by 0.3% month-on-month, surpassing the expected 0.2% rise.

According to a statement from the Bureau of Labor Statistics, most of the inflation increase came from a 0.4% rise in food prices and a 0.2% increase in shelter costs, which offset a 1.9% drop in energy prices.

The September data marks the final inflation reading before the US presidential election scheduled for November 5.