US inflation hits 3-year low, paving way for Fed rate cut 

Quick Summary:

WASHINGTON—The post-pandemic spike in US 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.

Two years ago, wage growth was topping 5 percent, a level that can force businesses to sharply raise prices to cover their higher labor costs.

Hotel room prices climbed 1.8 percent last month; they had fallen in two of the previous three months.

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Article Details

Author / Journalist: Christopher Rugaber / AP Economics Writer

Category: BusinessStartups

Markets: Philippines

Topics: Prices August Inflation Last July Costs Month Rose Percent Rate Year

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-12 @ 13:38:24 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 1106 words

Reading Time: 7 minutes read

Sentences: 46 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 22473077

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About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 32 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 13 hours ago

Coverage Areas: Philippines

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Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

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Publisher ID: #37

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