Inflation has been slowing for months, which has paved the way for Federal Reserve interest rates cuts. Inflation cooled in August, the latest sign of progress in the Federal Reserve’s yearslong fight to bring rapid price increases back under control.

The Federal Reserve’s preferred inflation measure continued to show muted growth in August, providing more evidence that policymakers were on the right track with the recent interest-rate cuts. The core personal consumption expenditures,

An inflation measure closely tracked by Federal Reserve policymakers fell in August to 2.2% as inflation continued to trend closer to the central bank's target.