Consumer Price Index

• Andrew Warrick
• 2024-10-13
• Trade Show News
• (0)

U.S. inflation nears Fed’s 2% target

CHICAGO - The Consumer Price Index (CPI) for September 2024 showed inflation at 2.4% for the month, slowing to close to the Federal Reserve's 2% target. This is the lowest level since February 2021, according to the U.S. Bureau of Labor Statistics. Although the CPI report showed inflation cooling, the slowdown was less than expected. After seasonal adjustment, urban residents' CPI increased by 0.2%, of which the food index increased by 0.4% and the housing index increased by 0.2%. These two indices accounted for more than 75% of the monthly increase in all items. This was higher than the 0.01% forecast. "Unfortunately, the preferred trend indicator has risen to 1.98% in September after increasing 1.87% in August, so it's moving in the wrong direction compared to the monthly and year-over-year indicators," said Dr. Peter Rupert, University of California, Santa Clara. Professor of Economics at the University of Barbara. "However, it should be noted that our measure is slightly below the…