“Federal Reserve microphone” Nick Timiraos: The price of core PCE services rose 0.37% month-on-month in September, driving the 12-month year-on-year increase to 3.6%, which is the same as the highest level since 2024. Core commodity prices were also strong, up 0.20% month-on-month. Although core commodity prices continued to decline in 2024, the year-on-year increase has now reached 2%. If core commodity prices continue to rise at this rate in the future, if the Federal Reserve is to achieve the 2% inflation target, service prices will need to cool down further.

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