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that started after spring. This trend, which indicates that prices have stabilized, is attributed to a steady decline in energy costs and an overall level of economic growth that was slightly slower than former months.
The U.S. Bureau of Labor Statistics reported that headline inflation rates were up in September on an annual basis for the fourth consecutive month, but at 3.7% it was the lowest reading since April. Core CPI was up 2.4%, while core goods rose 0.8%.
Core prices for services fell to the lowest level since February, despite a 1.4% increase in residential rent costs. Medical care and transportation costs both saw 0.1% increases in September.
The Federal Reserve Monitor notes that the slower inflation rate and current reduction of coronavirus-related restrictions suggest that the U.S. economy is stabilizing despite the lingering economic effects of the pandemic. The Fed has held interest rates steady at 0% as inflation comes closer to its goal of around 2%.