U.S. producer prices were unchanged in September as a small rise in the cost of services was offset by cheaper goods, pointing to a still-favorable inflation outlook and supporting views that the Federal Reserve would cut interest rates again next month.

Wholesale inflation mostly cooled last month in latest sign that price pressures are slowing.

Wholesale prices in the United States were unchanged last month in another sign that inflation is returning to something close to normal after years of pressuring America’s households in the wake of C

U.S. inflation last month likely reached its lowest point since February 2021, clearing the way for another Federal Reserve rate cut and adding to the stream of encouraging economic data that has emerged in the final weeks of the presidential campaign.

Price increases slowed in September, but the cool-down was less than economists had expected, in the latest reminder that bringing inflation back under control remained a somewhat bumpy process. A Consumer Price Index report released on Thursday showed that overall inflation was 2.

Inflation in September fell to an annual rate of 2.4%, its lowest point since early 2021, as gas and energy costs continued to ease.