New figures could strengthen Harris’s pitch for presidency, even though half of voters believe US to be in recession

A closely watched measure of US inflation has slipped to its lowest level since 2021, within striking distance of policymakers’ target, after the Federal Reserve scrambled to bring down price growth from its highest level in a generation.

The personal consumption expenditures (PCE) price index rose at an annual rate of 2.1% last month, down from 2.2% in August and in line with economists’ expectations.