U.S. inflation last month likely reached its lowest point since February 2021, clearing the way for another Federal Reserve rate cut and adding to the stream of encouraging economic data that has emerged in the final weeks of the presidential campaign. The consumer price index is expected to have risen just 2.3% in September from 12 months earlier, down from the 2.5% year-over-year increase in August. A reading that low, likely reflecting lower gas prices and only a slight rise in food costs, would barely exceed the Fed’s 2% inflation target. A little over two years ago, inflation had reached a peak of 9.1%.
