US inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates
WASHINGTON — The post-pandemic spike in U.S. inflation eased further last month as year-over-year price increases reached a three-year low, clearing the way for the Federal Reserve to cut interest rates and likely shaping the economic debate in the final weeks of the presidential race.
Wednesday’s report from the Labor Department showed that consumer prices rose 2.5 percent in August from a year earlier,