Fed’s preferred inflation measure rose 0.3% in September – data

The U.S. Federal Reserve’s preferred inflation measure rose 0.3 percent in September, as the cost of gasoline eased, keeping it still near a 4-decade high, the released data showed on Friday.

The PCE (Personal Consumption Expenditures) price index increased 0.3 percent in September, slowing from August’s 0.4 percent clip. The increase was also less than the 0.4 percent average estimate of economists in a FactSet survey.

Prices for services increased 0.6 percent led by housing and transportation services, while food prices added 0.6 percent and energy prices decreased 2.4 percent.

The latest PCE figures come days before the U.S. Federal Reserve meeting to discuss another interest rate hike and while Americans are voting in the midterm elections.