US inflation fell to 2.4 per cent in the year to January, according to the metric most closely watched by the Federal Reserve, supporting expectations of rate cuts later this year.
Thursday’s data on Personal Consumption Expenditures, the US central bank’s preferred gauge of price pressures, matched economists’ expectations of 2.4 per cent in a Bloomberg survey.
The fall from December’s rate of 2.6 per cent backs expectations that the Fed will cut rates from their current 23-year highs around the middle of this year.
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