Washington: Inflation in the US climbed by three percent in September, according to official data released on Friday. The US statistics bureau reported that the inflation rate was slightly below the forecast of 3.1 percent, up from 2.9 percent in August. This development indicates that the Federal Reserve is likely to continue with its plan to lower interest rates at the forthcoming meeting.
According to Kuwait News Agency, the release of these data was originally scheduled for mid-October but was delayed due to a partial government shutdown. The report also highlighted that the basic consumer price index increased by 0.2 percent on a monthly basis and three percent on an annual basis, which was below the projected increases of 0.3 percent monthly and 3.1 percent annually.
In response to these economic indicators, the Federal Reserve, the US central bank, decided on October 17 to lower the interest rate by 0.25 percent. This decision comes amid concerns over a slump in the labor market and slow economic growth.